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Indian Mill Books 50,000 MT HRC for Export to Vietnam

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BigMint Bureau

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23 Sep 2019, 12:55 IST

Indian Mill Books 50,000 MT HRC for Export to Vietnam

As per the recent conversation of industry participants with SteelMint, major steel manufacturer based in western India booked around 50,000 MT of HRC for export to Vietnam.

The deal price was heard around USD 455/MT CFR Ho Chi Minh for Oct end delivery.

Few days back SteelMint reported that, Indian steelmakers have collectively booked 1,00,000 MT of HRC with Vietnam for exports at USD 455-460/MT CFR Ho Chi Minh for Oct delivery.

Thus Indian steel mills are aggressively exporting HRC to Vietnam over weakening domestic steel prices.

However Chinese steelmakers have kept their HRC export offers largely stable ahead of National Day holidays.

Current imported HRC offer to Vietnam

1. HRC (SAE 1006) 2-3mm/ Chinese offer- Magang is at USD 455/MT CFR Vietnam unchanged over previous week.

2. HRC (SAE 1006) 2mm/ South Korean offer- Hyundai is offering at USD 470/MT CFR basis.

3. HRC (SAE 1006) 2mm/ Russian offer- MMK Steel is offering at USD 441/MT CFR basis (for small coils) and USD 451/MT CFR basis (for big coils).

4. Last week Russia booked around 30,000-40,000 MT of HRC (small coil) to Vietnam at USD 441-442/MT CFR basis.

5. Vietnam's domestic steel maker Formosa Ha Tinh has slashed its HRC (SAE 1006 skin pass) offers for steel by USD 51/MT and is assessed around USD 480/MT CIF Ho Chi Minh for Nov shipments.