Posted on 05 Apr 2023
Speculative traders drove down the Vietnamese commercial-grade hot rolled coil import market quickly on Tuesday. The already negative market sentiment in Vietnam continues to worsen amid weakness in Chinese steel futures, Kallanish notes.
Some traders were offering Chinese-origin 3-12mm thickness SS400 HRC at as low as $618/tonne cfr Vietnam and Q195/Q235 grade HRC at $610/t cfr. “They are very aggressive and I think they are short-selling,” a Hanoi trader says. A trader in Ho Chi Minh City (HCMC) hears that some traders are short-selling Q195 HRC even at $606-608/t cfr. Offers for Q195 and SS400 HRC were heard at $620-625/t cfr just a day earlier, on Monday.
There are also small-tonnage position lots available for SAE 1006 2mm up thickness HRC from a certain Chinese mill at $655/t cfr Ho Chi Minh City, another HCMC trader said on Tuesday. A 3,000-tonne cargo for SAE 1006 HRC from the same Chinese mill was booked at $670/t cfr last week. “Chinese futures fell sharply yesterday, so last week’s price has no meaning now,” the trader commented on Tuesday. Other offers for SAE 1006 HRC from China are prevailing at $660-670/t cfr Vietnam.
Source:Kallanish
