Posted on 29 May 2023
The Vietnamese hot rolled coil import market continues to slump after local producer Formosa Ha Tinh (FHS) clipped its domestic HRC prices mid-last week, Kallanish notes. The market is dogged by poor end-use demand and lack of liquidity.
A Ho Chi Minh City trader reports hearing early Friday morning several small-tonnage deals for Q195/Q235 grade HRC at around $520/tonne cfr Vietnam. Offers rose to around $530-535/t cfr that afternoon when Chinese futures rebounded. However, "many buyers still want to wait and see,” he observes. Taiwanese SAE 1006 HRC is being offered at $570/t cfr Vietnam, he says.
Buyers are bidding for Chinese SS400 HRC at $515-520/t cfr Vietnam against offers at $535-540/t cfr, another southern Vietnam trader reports.
On Thursday, 2-2.75mm thickness SAE 1006 HRC from a certain small Chinese mill for shipment by early July was heard quoted at $560/t cfr. Most offers are unchanged at $570-580/t cfr, a Hanoi trader says. The large Chinese mills are aiming to export at $595-600/t cfr Vietnam, a Chinese trader notes.
Kallanish assessed imported SAE grade 2-2.7mm thickness HRC at $565-570/t cfr Vietnam, down $10 on-week from the previous Friday.
Formosa Ha Tinh Steel lowered domestic prices of its non-skin-passed SAE 1006 HRC for June/July shipment to $580-600/t cif on 24 May. Prices are lower for larger-tonnage bookings.
Source:Kallanish
