Vietnam: Imported HRC market quiet in absence of firm bids

The imported hot-rolled coil (HRC) market in Vietnam remained silent in the absence of firm buying inquiries. Offers remained flat from Indian and Chinese mills, while the Vietnamese market still faces hindrances because of the stringent lockdown norms.

"The market conditions have continued to remain the same for the past couple of weeks. Barriers in commutation of people and logistical constraints have kept market activities subdued," a source based in Vietnam told SteelMint.

Offers for the current week

1. Chinese tier-III mills' offers are at around $910/tonne (t) CFR.
2. Indian mills' indicative offers stand unchanged at $890-900/t CFR.
3. Russian mills' offers are around $850-860/t CFR as against $860-870/t CFR a week back.
4. Japanese mills were heard to be offering at $1,010-1,020/t. However, no firm bids were reported on competitive offers from other nations.

"SHFE steel futures rallied today, 6 Sept'21, but buyers want to wait. Offers are there in the market but no active inquiries. SHFE HRC Jan'22 contract closed at RMB 5,822/t on 6 Sept against the closing of RMB 5,784/t assessed towards last weekend," a trader informed.

Strict lockdown regulations persist on surging Covid cases: The country continues to see a spike in Covid-19 cases on a daily basis. There were around 13,137 new cases reported on 5 Sept'21, as per data released by the Ministry of Health. However, the People's Committee of Ho Chi Minh City is mulling a phased re-opening of the markets in the industrial hub after the current lockdown term expires on 15 Sept'21.