Vietnam: Imported HRC Trades Remain Slow on High Offers

Imported HRC trades turned weak on high offers from major exporting nations. Few market participants in India shared that, Indian steel mills have raised HRC export offers to Vietnam at USD 480/MT CFR Vietnam for Jan-Feb deliveries in order to test the market.

However, bookings have been closed now at USD 470/MT CFR basis.

Meanwhile, last week a major Indian private steel manufacturer has booked 30,000-40,000 MT HRC (SAE-1006, 2mm) for exports at USD 470/MT CFR Ho Chi Minh, for Jan-Feb deliveries. Meanwhile, no major deals at increased offers have been concluded yet.

Last week imported HRC offers to Vietnam from India stood around USD 470/MT CFR basis.

Current HRC export offers to Vietnam- Week 50, 2019

1. HRC (SAE 1006) 2mm, Japan- Nippon steel offering at USD 480-490/MT CFR basis.

2. Confirmed deal of around 10,000 MT of HRC booked from Japan-based Nippon Steel at USD 472/MT CFR basis, for Jan-Feb deliveries.

3. HRC (SAE 1006) 2mm, Brazil- Arcelor Mittal's offers at USD 465/MT CFR basis stable on a weekly basis.

4. HRC (SAE 1006) 2mm, South Korea- Hyundai Steel's offers stand at USD 475/MT CFR basis.

5. HRC (SS 400) 2mm, China- Chinese steel mills offering at USD 480/MT CFR basis, unchanged over the preceding week.

6. Last week, Russia-based MMK steel booked 20,000 MT of HRC for exports to Vietnam at USD 456/MT CFR, for Jan-Feb shipments.