Posted on 08 Jan 2024
Vietnam’s import market for Chinese hot rolled coil has cooled after rising strongly in recent days, Kallanish notes. This follows the downward price correction on the Shanghai Futures Exchange (SHFE) at the end of last week.
A parcel of SAE 1006 HRC from China was booked on Thursday at $613/tonne cfr southern Vietnam, a trader reports. But he does not know of more details. The market has fallen by some $5/t because of the decrease in futures, he said on Friday.
Compared to the prior week, offers are lower by up to $10/t, a Chinese trader notes. Chinese SAE 1006 HRC offers are at $605-610/t cfr Vietnam, he adds.
“Offers are lower today by around $5/t,” a trader in Ho Chi Minh City notes. Chinese offers for 3-12mm thickness Q235 HRC are at around $575-577/t cfr and for 3mm base thickness Q195 HRC at $567-569/t cfr. These are mostly for February/March shipment. “There are aggressive sellers but I don’t think prices can fall too much because iron ore is so firm,” another Hanoi trader observes. He hears of traders inviting bids for Chinese SAE 1006 HRC at $600/t cfr. But others have not heard of these low prices.
Kallanish assessed SAE grade 2-2.7mm thickness HRC at $605/t cfr Vietnam, unchanged on-week.
Indian SAE 1006 HRC offers are noticeably back again in Vietnam. An offer was floated for 30,000 tonnes of maximum 30% 2mm thickness SAE 1006 HRC for February shipment at $635/t cfr. A regional trader hears of traders offering Indian HRC without the backing of mills at $630/t cfr Vietnam.
Source:Kallanish
