Indian Mills Cut HRC Export Offers to Vietnam by USD 10

In conversation with trade participants based in Vietnam today, SteelMint learned that imported HRC offers to Vietnam continued to tread downwards. Major Indian steel mills have further trimmed their HRC offers to Vietnam by around USD 5-10/MT over low priced imports from Russia.

Currently, Indian steel mills are offering imported HRC offers (2mm, SAE 1006) at USD 440- 445/MT CFR Vietnam, as against USD 450/MT CFR basis towards the end of the previous week. However, no major deals have been reported yet.

Meanwhile, Chinese steelmakers have kept their HRC export offers supported despite volatility in domestic prices ahead of the 70th Anniversary of the People's Republic of China starting from 1st Oct'19. Chinese steel market remains silent these days since the holidays shall extend till 7 Oct'19 which is likely to keep trade activities weak to South East Asian markets.

Traders based in Vietnam quoted that, "Limited buying interest continues to prevail among end-users based in Vietnam. Thus buyers are also eyeing for USD 440/MT CFR levels and continue to bid on lower side."

Current imported HRC offer to Vietnam

1. HRC (SAE 1006) 2-3mm/ Chinese offers- Offers from Rizhao Steel continues to hover around USD 450/MT CFR Vietnam.

2. HRC (SAE 1006) 2-3mm/ South Korean- Hyundai offer is at USD 470/MT CFR Vietnam unchanged over prices since the beginning of the preceding week.

3. HRC (SAE 1006) 2mm/ Japanese offer- Nippon steel is offering at USD 475/MT CFR basis.

4. HRC (SAE 1006) 2mm/ Russian offer- MMK Steel is offering at USD 446/MT CFR (big coils) and USD 436/MT CFR basis (small coils).