Vietnam: Imported HRC Deals from India, Russia Keep Market Sentiments Active

Importers based in Vietnam are aggressively booking HRC with the major exporting nations amid competitive offers. Also, buyers in Vietnam are highly inclined to Indian origin cargoes and have booked bulk quantities of HRC exports for June deliveries.

However, Chinese steel mills continue to offer HRC exports to Vietnam at slightly higher prices

Also, the importers are waiting for the the price revision from domestic steel mill, Formosa Ha Tinh which was postponed due to the extension of lock-down in Vietnam last week.

Current imported HRC trades to Vietnam-
-- Last week, two private Indian steel mills booked around 160,000 MT of HRC to Vietnam at around USD 399-405/MT CFR Vietnam for June deliveries.

-- Russian steel manufacturer Magnitogorsk Steel Works (MMK) booked around 20,000 MT HRC towards the end of the previous week at USD 388/MT CFR Vietnam for July delivery.

-- Japanese steelmaker Nippon Steel booked around 20,000 MT of HRC towards the end of last week at USD 420/MT CFR Vietnam for June delivery. Recent offers stand at USD 430/MT CFR Vietnam.

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

-- HRC (SAE 1006, 2mm), China- Baosteel is offering at USD 410/MT CFR basis.

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