Indian Mills Raise HRC Export Offers To Vietnam

In conversation with trade participants, SteelMint learned that Indian mills have increased HRC export offers to Vietnam by around USD 5-10/MT against last week.

As per trade sources, major Indian steel mills are offering HRC (SAE 1006, 2mm) at USD 420-425/MT CFR Ho Chi Minh, which was USD 415-418/MT CFR basis at the beginning of the current week. However, no deals have been reported at hiked offers, sources shared.

Indian mills lowered steel production during the (Jul-Sep) Q2 FY'19 along with an increase in exports to ease off inventories. Few market participants indicated similar indications behind hike in offers, and sources also expect HRC prices in the Indian domestic market to increase in Nov'19.

Current HRC offers to Vietnam-

1. HRC (SAE 1006) 2mm/ Japanese offer- Nippon Steel is offering at USD 430 /MT CFR Vietnam, stable for the third consecutive week.

2. HRC (SAE 1006) 2-3mm/ South Korean offer- Hyundai steel offering at USD 425/MT CFR Vietnam. The previous offer was around USD 435/MT during the week ended 19 Oct'19.

3. HRC (SAE 1006) 2-3mm/ Chinese offers- Rizhao Steel's offer stood at USD 425/MT CFR Vietnam at the beginning of the current week.