Indian Mills Raise HRC Export Offers to Vietnam by USD 5-10/MT

Major Indian steel mills have increased HRC export offers to Vietnam by USD 5-10/MT amid limited supplies of low-priced imports from Russia and scaling down of production by mills across the globe on announced lock-down.

-- SteelMint learned from its sources that Indian mills are now offering HRC exports at USD 400-405/MT CFR Vietnam basis for June shipments. The previous offer was at USD 388-390/MT CFR basis.

-- Also, an Indian private steel manufacturer based in the western India booked a small parcel of HRC to Vietnam at USD 405/MT CFR basis yesterday. However, the quantity couldn't be confirmed while publishing this report.

-- Market participants in Vietnam also shared that buyers are now accepting the HRC offers over USD 400/MT CFR basis.

Current imported HRC offers to Vietnam-
--HRC (SAE 1006, 2mm), China- mill-to-mill basis the offer continues to hover between USD 410-425/MT CFR basis.

-- Confirmed trade deal heard of around 8000-10,000 MT of HRC was booked by the Chinese steel mill, Baosteel at USD 408/MT CFR basis for June shipments.

-- HRC (SAE 1006, 2mm), Japan- Nippon Steel's offer is consistent at USD 420/MT CFR basis.

-- HRC (SAE 1006, 2mm), Japan- JFE Steel's offer is consistent at USD 420/MT CFR basis.

-- HRC (SAE 1006, 2mm), South Korea-Hyundai Steel's offer is hovering at USD 420/MT CFR basis.

-- HRC (SAE 1006, 2mm), Russia- Severstal is offering at USD 368-370/MT CFR basis.

-- Last week, Russia-based MMK steel mill had concluded a deal of around 80,000 MT HRC (big coils) to Vietnam at USD 370/MT CFR basis for June delivery.

--Confirmed trade deal heard of around 30,000 MT of HRC was booked by Indian steel mill via traders at USD 390/MT CFR basis for June shipments.

-- Price announcement from Vietnam's domestic steelmaker Formosa Ha Tinh is expected shortly.