Vietnam: Lower Bids Limit Imported HRC Trades

After witnessing decline late last week,this week imported HRC offers to Vietnam remained moderate from China and other major exporting nations for July shipments, in the beginning of this week

Disparity between bids and offers have limited import deals and no confirmed deal was reported.

Weakening HRC export offers from China amid volatile futures and sluggish overseas demand have resulted to lower HRC offers to Vietnam.

Thus as per SteelMint price assessment imported HRC offers to Vietnam stood around USD 520/MT CFR slashes by USD 20-25/MT in May'19 against previous month offers which was around USD 545-547/MT CFR basis.

Also a trader based in Vietnam shared that,"Buyers in Vietnam remain skeptical regarding import bookings and are cautiously observing the market in the back of volatile steel prices in China"

Current HRC trades to Vietnam - Week 22, 2019
1. HRC (SAE 1006) 2-3mm/Chinese offer- Bao Steel is at USD 520/MT CFR Vietnam. Bids from market sources at USD 515/MT, CFR Vietnam.

2.HRC (SAE 1006) 2-3mm/Chinese offer- Laiwu Steel is at USD 510/MT CFR Vietnam. Bids at around USD 505/MT, CFR.

3. HRC (SAE 1006) 2-3mm/Indian offer- JSW Steel is at USD 525/MT CFR Vietnam.

4.HRC (SAE 1006) 2-3mm/Korean offer- Hyundai Steel is at USD 525/MT.

5. HRC (SAE 1006, big coils) 2-3mm/Russian offer- MMK steel is at USD 510/MT CFR basis for July Aug shipment.

6.Vietnam's domestic steel producer- Formosa Ha Tinh had announced reduction in its HRC offer (skin pass) by USD 15/MT for June end -July shipments and offering at USD 541/MT CIF Ho Chi Minh City.