Vietnam: Imported HRC Market Turns Quiet Ahead Festive Holidays

This week imported HRC offers to Vietnam remained inactive ahead of week-long Lunar New Year holidays scheduled in China in first week of February.

Meanwhile Vietnam New Year Tet holidays is also scheduled in similar dates resulting in mute buying.Thus market sources shared that Chinese steelmakers have stopped offering HRC to Vietnam based importers this week as steelmakers are on holidays and issuing Letter of credit can turn out to be a major concern.

Last offers for imported HRC to Vietnam from Chinese mills was in the range of USD 495-515/MT CFR basis. However no active HRC offers were heard from major Chinese mills.

Current HRC imported offers to Vietnam from Other nations

1.HRC (SAE 1006) 2-3mm/Japanese offer - JFE Steel is at USD 530/MT CFR Vietnam.

2.HRC (SAE 1006) 2-3mm/Korean offer - Hyundai Steel is at USD 550/MT CFR Vietnam.

3.HRC (SAE 1006) 2-3mm/Indian offer - Indian steel mills have raised the offers for Vietnam by USD 10-20/MT and is offering at USD 510/MT CFR basis.However no major bookings has been reported.Last week the offers were in range of USD 495-500/MT CFR basis.