Posted on 02 Dec 2024
The Vietnamese hot rolled coil market was quiet last week with thin buying interest, Kallanish notes. The market has been preparing for a pending trade case to announce anti-dumping duties against HRC from China and India.
Vietnamese buyers have been stocking up ahead of expectations of anti-dumping duties targeting Chinese HRC imports. Results of an ongoing investigation are expected around year-end or early 2025, with the prospect of retroactive duties. “Normally they only import 1.5-2 months of inventory, in the past two months, buyers have been stocking up to 3-4 months,” a trader in Hanoi says.
Some cargoes of wider-width HRC from China have arrived in Vietnam but not much as yet. Service centres are buying 2,000mm width Chinese HRC and they are confined to Q235 and Q345 grades for structural applications. They have started to invest in new facilities up to 2m wide now and are in the process of installing slitting machines from China. Slitting costs are estimated around VND 150-300/kg ($6-12/t). Chinese 3-12mm Q235 2,000mm width HRC was heard offered last Friday at $500-504/t cfr. Some customers were bidding at $495/t cfr which is rather low, Hanoi-based trading sources say.
Meanwhile, rerolling 2mm and up thickness SAE1006 HRC from China is heard offered at $510/t cfr Vietnam. Stock lots for Chinese SAE 1006 HRC, for prompt December- shipment are offered at around $500-505/t cfr.
Japanese/South-Korean SAE 1006 HRC are heard offered at $530-540/t cfr Vietnam while an offer from Taiwan is heard at $540/t cfr. SAE grade 2-2.7mm thickness HRC is assessed at $510-520/t cfr, up $5 on-week.
Source:Kallanish
