Posted on 23 Aug 2023
The direction of Vietnam's hot rolled coil import market remains uncertain, Kallanish notes. Deals and offers of Chinese HRC have slipped in recent days but a pick-up on the Shanghai Futures Exchange (SHFE) on Tuesday may provide support for the Vietnamese market.
Deals for 3mm base thickness SS400/Q195 are heard to have taken place last Friday and Monday at around $540/tonne cfr Vietnam. A trader in southern Vietnam reports hearing several deals totalling around 20,000-30,000 tonnes at $539-542/t cfr. Most offers are at $542-545/t cfr, another trader said on Tuesday. “But some agents who are trying to get bids are offering at lower levels of $540/t cfr,” he added. Offers were heard at $548/t cfr on Friday.
A position cargo for 2mm/2.3mm/2.5mm/2.75mm thickness SAE 1006 HRC is currently offered at $565/t cfr Vietnam. There are also offers heard at $568/t cfr, which are lower than higher-tier Chinese mills’ offers of $580/t cfr.
Since Chinese HRC export prices move in tandem with the SHFE, market sources in the region are watching the SHFE closely after it rose on Tuesday. While the low-priced offers are likely to be withdrawn if the SHFE continues to perform well, Vietnamese import buying typically slows down when Chinese HRC is firm.
Source:Kallanish
