Posted on 06 Jan 2025
The Vietnamese import market for hot rolled coil slipped last week, Kallanish notes, with falling Chinese prices exacerbated by already weak demand.
A deal for 10,000 tonnes of Indonesian SAE 1006 HRC was heard booked at $505-510/tonne last week, down $5/t from the week through 27 December.
Vietnamese rerollers are looking for import substitutes ahead of anticipated antidumping duties on Chinese HRC. The ongoing AD investigation is expected to conclude in early 2025.
SAE grade 2-2.7mm thickness HRC was assessed by Kallanish unchanged at $500-510/t cfr Vietnam.
Several Vietnamese customers continue to buy Chinese HRC with quick shipment in a bid to circumvent a possible AD imposition. Traders heard some bookings of Chinese 1,500mm-width Q235 grade 3-15mm thickness for shipment by 31 January at around $470/t cfr.
Chinese commercial Q195 3mm thickness HRC offers have fallen to around $470/t cfr. Transactions for Q195 for first-half January arrival were concluded at around $478-480/t cfr during the third week December.
Prices are sliding because demand is weak, a Hanoi trader says. An offer for SAE 1006 grade HRC, probably a position cargo, was heard at $488/t cfr, and bids are being invited at $485/t cfr, traders note.
Vietnamese producer Hoa Phat recently lowered its monthly domestic HRC prices. Its non-skin passed SAE1006 or SS400 grade HRC for March/April shipment was set at the equivalent of around $519/t cfr southern Vietnam, excluding VAT (see Kallanish passim).
Source:Kallanish
