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Vietnam: Imported HRC prices fall by $5-10/t as Chinese offers resume

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BigMint Bureau

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21 Sep 2020, 18:23 IST

Vietnam: Imported HRC prices fall by $5-10/t as Chinese offers resume

Vietnam's imported HRC prices have softened by $5-10/t w-o-w. Offers from Japan, South Korea have come down by $5. Offers from China declined by $5-10/t w-o-w due to decline in domestic prices amid plunge in futures.

However, on the other side, Indian steel producers have held back their offers on higher prices in the domestic market.

Vietnam's domestic steel mill - Formosa Ha Tinh HRC (SAE1006, skin pass) offers are assessed at $550-555/t CIF basis.

The key reason cited behind decline in offers is resumption on export offers from China. Chinese mills shifted their interest to export sales with domestic trade impacted by falling steel futures and rising inventories. Mills are now offering at $535-540/t CFR Vietnam for Nov deliveries compared to the previous offer of $540-545/t CFR basis.

Also, Chinese crude steel output recorded an all-time high in Aug'20 which may result to increase in exports as domestic sales soften.