Posted on 17 Feb 2025
The Vietnamese re-rolling hot rolled coil import market remains subdued amid weak demand, Kallanish notes.
Continued rumours about a pending anti-dumping HRC case has placed the import market in a “dilemma,” a Vietnamese trader says.
Market chatter says that Vietnam’s Ministry of Industry & Trade will soon announce its preliminary anti-dumping findings on Chinese HRC this month and with the possibility of a duty margin of 15%-25%. Domestic HRC demand is slowing down because of the imminent US tariffs on Vietnamese coated steel, he adds.
An import offer for Chinese 2mm and up thickness SAE 1006 HRC is heard at $485/t cfr Vietnam, a Hanoi trader reports. Others also hear Chinese 2,000mm width 3-12mm thickness Q235 HRC for end-March shipment offered at $483-485/t cfr. For the 1,500mm width HRC from China, which are targeted in the AD case, offers for 3mm base Q195 HRC are at $465/t cfr and for 3-12mm Q235B grade HRC at $470/t cfr.
Indonesia’s Dexin was not offering HRC in the Vietnamese market last week because current prices in Vietnam are “relatively low,” an informed source says. It is instead awaiting buyers to indicate their buying price targets. The Sulawesi-based mill has started producing skin-passed HRC and it is accepting orders for March and April shipments, the source says. Its skin-passed HRC products would have a $5/t extra charge.
Kallanish assessed SAE grade 2-2.7mm thickness HRC at $485/t cfr Vietnam, $7.5/t lower week-on-week.
On 11 February, domestic producer Formosa Ha Tinh Steel (FHS) announced a $15/t cut for its domestic monthly HRC prices for April shipment. For bookings of 20,000t and more, the mill’s non-skin passed HRC was set at VND 12,597/kg ($494/t) cfr southern Vietnam. demand is cited as the main reason for the price drop (see Kallanish passim).
Competitor Hoa Phat hat lowered its domestic HRC prices on 7 February to $507/t cfr southern Vietnam for non-skin passed SAE1006 or SS400 grade HRC for April delivery.
"Both FHS and Hoa Phat allocated only small quantities for the export market," another Vietnamese trader says. Hoa Phat sold out all its local allocations and FHS is almost sold out, he says. Both mills’ prices are "cheap", and he did not hear of any discounts given to customers.
Source:Kallanish
