Indian HRC Export Prices to Vietnam Drop by USD 10 in Recent Booking

SteelMint in conversation with market sources learned that, Indian HRC export prices witnessed significant decline in recent bookings made to Vietnam for July shipments.

As per market sources, a major Indian steel bill based in eastern region concluded a deal of 20,000 MT HRC ( SAE 1006) with buyer based in Vietnam named Hoasen (deals with galvanized and color coated coils and sheets) at USD 510/MT CFR Vietnam for July shipments.

Last week HRC export offers from Indian mills were learned at USD 520-525/MT, CFR levels. Hence this week prices have moved down by around USD 10/MT W-o-W.

Prior this, in the month of Apr'19 Indian HRC export offers was hovering at USD 540-545/MT CFR basis for May shipments. Thus imported HRC to Vietnam from India reduced by USD 30/MT on monthly basis.

Meanwhile lower HRC imported offers to Vietnam from other exporting nations pushes Indian steel mills to to reduce their offers. Also disparity between bids and offers limit trade activities as buyers in Vietnam want to secure cargoes at lower prices.

Current HRC trades to Vietnam - Week 22, 2019
1. HRC (SAE 1006) 2-3mm/Chinese offer- Bao Steel is at USD 515/MT CFR Vietnam.

2.HRC (SAE 1006) 2-3mm/Chinese offer- Laiwu Steel is at USD 505/MT CFR Vietnam.Last week offers were around USD 510/MT CFR basis.

3.HRC (SAE 1006) 2-3mm/Korean offer- Hyundai Steel is at USD 525-527/MT.

4.Confirmed trade deal heard of around 20,000 MT of HRC last week from Hyundai steel at around USD 525/MT CFR basis for July shipments.

5.HRC (SAE 1006) 2-3mm/Japan offer- Nippon Steel is at USD 535/MT.

6.HRC (SAE 1006) 2-3mm/Japan offer- JFE Steel is at USD 525/MT.

7.Vietnam's domestic steel producer- Formosa Ha Tinh offering HRC (SAE 1006, skin pass) at USD 541/MT CIF Ho Chi Minh City for June end July shipments.