Posted on 03 Dec 2024
Vietnamese hot rolled coil producer Hoa Phat Dung Quat has lowered its monthly domestic prices, reflecting weaker market sentiment, Kallanish notes.
Hoa Phat’s quotes announced on 2 December for non-skin passed SAE1006 or SS400 grade HRC for February/March shipment were set at the equivalent of around $527/t cfr southern Vietnam, excluding VAT. Last month, its official list price was around $534/t cfr.
In VND terms, the latest price of VND 13,370/kg cfr southern Vietnam is a price drop of VND 220/kg over last month’s VND official prices, trading sources say. The mill’s quotes to northern and central Vietnam are now set at VND 13,340/kg cfr.
The price cut is not large, but it does mean that the market is not good, especially for the country's coated export market, a Hanoi-based trader says.
A pending anti-dumping probe on Chinese HRC imports has been disrupting the market in terms of buyers stocking up on Chinese imports. Vietnamese service-centres are also turning to ordering wider-width Chinese Q235 and Q345 grades which are not targeting in the AD case.
“Customers want the anti-dumping case results to be released before the Lunar new year or just after in early February,” the trader says.
He believes that some users have been holding back. Local producers, Hoa Phat and Formosa as well as certain South Korean mills would be the beneficiaries to replace Chinese HRC imports if anti-dumping duties are finalised.
The AD case targets Indian origin HRC imports too.
Source:Kallanish
