Posted on 02 Aug 2023
Vietnam’s Hoa Phat Dung Quat has again pushed up its list prices for domestic hot rolled coil sales, due for September and October shipment, Kallanish notes. The monthly increase of around $17/tonne is higher than last month’s $10/t.
The quotes for non-skin passed SAE1006 or SS400 grade HRC have been set at VND 14,220/kg, or about $601.6/t, cfr Ho Chi Minh City (HCMC), up from VND 13,730/kg a month earlier. For sales to northern and central Vietnam, the list prices are now at VND 14,190/kg, around $600/t. All prices exclude VAT.
The prices have successfully caught up with or even surpassed Chinese HRC prices. On Friday, the most competitive quotes for 2mm+ Chinese SAE1006 HRC were around $590-600/t cfr Vietnam (see Kallanish 31 July). Earlier this week, China remained quiet and export offers paused.
The buying interest remained sluggish last week when Chinese sellers hiked their offers due to domestic hikes. Vietnamese buyers still wanted to wait and see as no one was sure that the price increase was stable and sustainable. Since Hoa Phat also raised its offers, buyers are more likely to raise bids as well, although there have been no signs of appreciable improvement in Vietnam’s HRC buying interest this week.
Source:Kallanish
