Vietnam: Imported HRC Market Remains Under Pressure on Falling Offers

Two major steel producing nations Indian and Russia continue offering imported HRC to Vietnam at cheaper prices for May June deliveries. Last week Indian steelmaker booked a cargo of around 20,000 MT of HRC with Vietnam at USD 388/MT CFR basis.

Also, there was a market chatter that Russian based MMK steel booked around 30,000-60,000 MT of HRC with Vietnam at around USD 375-380/MT CFR basis for June deliveries. However, the information couldn't be confirmed while publishing the report.

Importers based in Vietnam are likely to get enticed with such cheaper offers since Chinese steel mills continue to offer HRC slightly on higher. Meanwhile, the Chinese market is in a holiday mood for the past 3 days (4 Apr-6 Apr on the occasion of Qing Ming Jie. The offers last heard from the Chinese mills were at USD 410-415/MT CFR basis.

Current imported HRC offers to Vietnam-
-- HRC (SAE 1006, 2mm), South Korea- Hyundai is offering USD 435/MT CFR basis. Previous offer- 440/MT CFR basis.

-- HRC (SAE 1006, 2mm), Japan- Nippon steel is offering USD 445/MT CFR basis. Previous offer- 450/MT CFR basis.

-- Formosa Ha Tinh is offering HRC (SAE 1006, skin pass) at around USD 480/MT CFR for May shipments.