Vietnam Steel Mill Books 10,000 MT HRC from China

SteelMint in conversation with its market sources learned that Vietnam based steel mill booked HRC from China for July end or early August shipments.

As per an update received, Vietnam based Hao Sen (producing galvanized steel and pre-painted coils) has booked 10,000 MT of HRC from Chinese based major steelmaker Baosteel at USD 500/MT CFR basis for early August shipment.

Thus imported HRC offers to Vietnam from China have witnessed continual decline amid weakening HRC export offers from China.

Currently imported HRC offers to Vietnam from China is hovering at USD 495-505/MT CFR basis.

As per data maintained with SteelMint, on monthly basis imported HRC offers to Vietnam have decline by USD 25-30/MT from China. In the month of May'19 offers were around USD 523-525/MT CFR basis

Following the suit, this week Vietnam based domestic steel mill Formosa Ha Tinh had slashed its offers for HRC (skin pass SAE1006) by USD 25/MT at USD 516/MT CIF basis for July-August shipments which was USD 541/MT CIF basis in previous month.

Imported HRC offers to Vietnam from India- Market participants shared that a major steel mill based in eastern India is offering imported HRC to Vietnam at USD 495-500/MT CFR basis for July-August shipments. However no major deals have been concluded.