Posted on 21 Oct 2024
Chinese hot rolled coil offers into Vietnam came down sharply last week, Kallanish notes. This is directly linked to the Shanghai Futures Exchange’s slide after Beijing’s massive property stimulus measures fell short of hopes that there will be stronger support to revive the ailing sector.
Offers for 2mm and up thickness Chinese SAE 1006 HRC fell last week to around $515/tonne cfr Vietnam, down from the much higher offers at $540/t cfr Vietnam on 11 October, Chinese trading sources note. SAE grade 2-2.7mm thickness HRC is assessed at $510/t cfr Vietnam, down $10 on-week.
Last week, a 20,000-tonne cargo of Japanese 2mm base SAE 1006 HRC for December shipment was booked at $530/t cfr Vietnam, regional trading sources report. Its offer was heard at $535/t cfr during the week through 11 October.
Offers for Chinese 3-12mm thickness Q235 grade HRC for shipment by end-November are at $500-505/t cfr, down from $530/t cfr during the week ending 11 October, Vietnamese trading sources say. Fears over the pending anti-dumping investigation on Chinese HRC are dampening interest to book from China, trading sources say.
"Many customers don't want to buy November shipments now," a Hanoi trader says. "It is risky.”
"All are worrying about the AD [investigation]," a Chinese trader says. But he hears of a 10,000t December-shipment cargo of 3mm base thickness Q195 grade concluded at $495/t cfr Vietnam on Friday. Offers the week before were at as high as $525/t cfr.
Source:Kallanish
