Imported HRC prices to Vietnamese market have increased marginally over the past week on limited trading activities
Vietnamese HRC importers were on sideline amid unclear direction in the market as China was closed till October 8 (due to golden week holidays). Vietnam imports around 18 Mnt of finished steel annually out of which nearly 10-11 MnT is imported from China. Out of total steel imported by Vietnam,11-12 MnT of HRC.
SteelMInt learnt from market sources that, HRC import prices into Vietnam for 2-3 mm size of grade SAE1006 (re-rollable grade) are hovering at USD 575-580/MT CFR, which is higher by USD 5/MT as compared to last deals which were concluded at around USD 570-575/MT, before holidays.
“Current offers from some medium and small Chinese mills are at USD 575-580/MT CFR Vietnam; large mills continue to offer above USD 600/MT. Indian HRC offers received before holidays were at around USD 580/MT CFR. However they are no firm offers from Indian suppliers but some traders are offering positioned cargo at around USD 570/MT on CFR basis.”said a trader based in Ho Chi Min City, Vietnam
However SteelMint acknowledge from the market sources that recent HRC export offers from India are heard to be in the range of USD 570/MT FoB basis which is equivalent USD 590/MT, CFR Vietnam.
Another mill based near Ho Chi Min mentioned that there are no firm offers from Chinese manufacturers as they have just returned back from week long holiday. Although some traders are offering cargoes at similar levels before Chinese holidays, i.e. USD 580/MT CFR.
Vietnam is one of the largest importers of steel in the world, country Imports above 20 MnT of steel per annum, according to Vietnam Steel Association (VSA). Most of the trades are done on spot basis, where traders take position and sell their cargoes based on spot prices.
Source Steel Mint powered by Keyvan Jafari Tehrani (JTC)
