Posted on 23 Sep 2024
Vietnam’s hot rolled coil import market was muted on Friday, Kallanish notes. Uncertainties over the outcome of a pending anti-dumping case on Chinese HRC imports, rising Chinese prices and Chinese port congestion are weighing on an already weak market.
The Vietnam Ministry of Industry & Trade’s extension of the deadline to submit documentation for a survey of its antidumping investigation on Chinese HRC to 16 October was seen as extending the window for Chinese HRC orders. However, its effect may be limited as orders for October shipments have already been made.
15,000-20,000 tonnes of Q235 grade HRC for shipment by 15-20 October, believed to be of Chinese origin, was booked in the middle of last week at $462-465/tonne cfr Vietnam, a Vietnamese trader reports. While the voyage time from China to Vietnam is 7-10 days, port congestion in China is causing complications. “Many vessels are waiting for berths in Tianjin and Jingtang,” he says. He has heard of some vessels having to wait more than 15 days to berth.
Another says he is no longer offering in the market because his buyers have stopped considering Chinese HRC. “Besides, demand is still so low,” he adds.
On Friday, Chinese Q235 offers floating in Vietnam were higher, at $468-469/t cfr, and are for shipment by 10 November. “Everyone thinks that any antidumping duties will be applied in early November,” a trader in Ho Chi Minh City notes. “These cargoes will arrive at the end of November, so it is a little risky,” he says.
The Vietnamese HRC market situation remains gloomy and plagued with uncertainties due to fears by importers of being hit by anti-dumping duties, a regional trader observes. He has heard of Japanese SAE 1006 HRC offers at $500-505/t cfr Vietnam with no takers. Limited Chinese SAE 1006 HRC offers are heard at $485/t cfr, up from $475-480/t cfr the week before. SAE grade 2-2.7mm thickness HRC is assessed at $470-475/t cfr Vietnam, up $5/t.
Domestic mill Formosa Ha Tinh's domestic sales exercise for HRC is ongoing at $510/t cfr with a $10/t discount for bookings of at least 20,000t. The mill opened its orderbooks for November shipments on 12 September.
Source:Kallanish
