Posted on 12 Jun 2023
Vietnam's hot rolled coil import market is quiet amid the strong price uptrend in China, Kallanish notes. Demand is patchy with some deals so far heard only for commercial Q195 grade HRC.
Chinese trading sources report that Chinese Q195 grade HRC has reached $545/t cfr Vietnam. One said that he closed a deal at this level while another said that he received a bid at this level on Friday. Some Vietnamese traders also heard that several deals for Q195 HRC took place at this level on Thursday, but others are unsure. Prices are going up but buyers are giving lower bids, a southern Vietnam trader says. Offers for commercial quality Q195, Q235 or SS400 grade 3mm thickness up HRC are now at $550-555/tonne cfr. However, bids for Q235 and SS400 grade are at $530-535/t cfr, he notes.
“There are no deals this week,” a Ho Chi Minh trader says Friday. With the Chinese futures rising strongly on Friday, he did not hear of offers either. Previously, some deals for Q235/SS400/Q195 grade HRC from China transacted at lows of $520-525/t cfr during the early part of the week of 2 June just before the Chinese futures market rebound.
Position cargoes of rerolling 2mm up thickness SAE 1006 grade HRC for prompt shipment are available. A particular Chinese mill's offer for June shipment is pegged at $555/t cf while a popular Chinese mill's HRC for shipment in July or by 10 August is at $580/t cfr. "There are no deals for these offers for position cargoes," a Hanoi trader says. Trading sources report hearing early in the week that SAE 1006 HRC from Japan and Taiwan, in addition with those from India, were booked at the end of May at $570/t cfr Vietnam. Kallanish assessed SAE grade 2-2.7mm thickness HRC at $575-580/t cfr Vietnam, up $5 per week.
Source:Kallanish
