Posted on 21 Feb 2024
Vietnam’s hot rolled coil import market has seen prices fall this week, Kallanish notes. Suppliers of Chinese HRC cut prices amid weakened market sentiment and a downturn in steel futures in China. With market participants away for the long Lunar New Year holiday, trading effectively resumed only this week.
Offers for 3-12mm thickness Q235 and 3mm thickness Q195 HRC from China are prevailing at around $550-555/tonne cfr Vietnam. Several deals for Q235 HRC were concluded on Tuesday morning at around $550/t cfr. But in the afternoon, buyers lowered bids and no further deals transpired, Vietnamese trading sources say.
"The price of HRC is down sharply," a Ho Chi Minh trader notes. She hears of a small-volume order at $552/t cfr done on Tuesday morning. "But now, Q235 HRC is offered at $550 and everyone gives a lower bid of around $545," she adds. Chinese 3-12mm thickness Q235 HRC offers were heard at $557-558/t cfr Vietnam in early February before the market closed for the Lunar New Year celebrations.
Rerolling 2mm and up thickness SAE 1006 HRC from China is currently offered at $585-590/t cfr Vietnam. Most offers of Chinese SAE 1006 HRC were prevailing at around $600/t cfr in early February. Trading sources said on Tuesday they have not heard of recent deals taking place for SAE 1006 HRC.
Source:Kallanish
