Posted on 22 Apr 2024
The Vietnamese import market was sluggish during the past week amid the sharp run-up in Chinese HRC offers. Offers have gone up too quickly for Vietnamese buyers to accept.
Rerolling 2mm and up thickness SAE 1006 HRC from China for June shipment are offered at $565/t Vietnam. Offers were last week heard at around $545/t cfr. “It is very hard to close deals in Vietnam now because the gap between bids and offers is wide,” a Hanoi trader says. Bids for SAE 1006 HRC are unchanged from the week before at $540-545/t.
Offers for 3-12mm thickness Q235B HRC from China for June shipment are prevailing at $540/tonne cfr Vietnam, up by at least $20/t on-week. A southern Vietnamese buyer received an offer for 3-14mm Q235 HRC, for end-June shipment at $547/t cfr. “Prices are very high. I don’t hear of bookings,” he says. Bids for Q235 are at 520-525/t cfr. Offers for 3mm base Q195 for May shipment are now at $535/t cfr.
Meanwhile, Vietnamese HRC producer, Formosa Ha Tinh Steel is heard by local trading sources to have a slow uptake for its latest monthly HRC allocations for June/July shipment. On 11 April the mill released its non-skin passed SAE 1006 HRC allocations for at the equivalent of $580-590/t cif Vietnam, depending on tonnage (see Kallanish passim). Traders say on Friday that the producer has not sold out its offered allocations as yet.
Kallanish assessed SAE grade 2-2.7mm thickness HRC at $550/t cfr Vietnam, up $5 on-week.
Source:Kallanish
