Posted on 28 Oct 2019
The Vietnamese hot rolled coil import market appeared stable during the last week, Kallanish notes. Trades are thin, however, as buyers continued to bid under offers.
The market is seeing position cargoes of Indian HRC. Offers for November shipment of Indian 2-2.7mm thickness SAE 1006 rerolling HRC are prevailing at $420/tonne cfr Vietnam. There is also Indian HRC for January shipment at $408-410/t cfr. A leading Vietnamese re-roller ordered 13,000t of January-shipment Indian HRC at $408/t cfr during the week. It is bidding at $405/t cfr for November shipment. Indian position HRC cargoes are offered at $415-418/t cfr, but no sales have transpired, Vietnamese traders say.
The Vietnamese re-roller lowered its galvanized and pre-painted galvanized coil by VND 600-1,000/t ($30-50/t) during the week, trading sources note. The re-roller had to lower its downstream products prices to get sales, a Vietnamese trader says. But a Chinese trader says the re-roller has to now bid lower for HRC substrate.
Japanese 2mm thickness SAE 1006 HRC for December shipment is still offered at $430/t cfr Vietnam, the same level as an order which took place the week before from the same Japanese mill. An offer for South Korean HRC is still priced at $423/t cfr, unchanged from the previous week. Brazilian-origin HRC is offered at $430/t cfr Vietnam.
Chinese HRC is no longer competitive and is out of the market for the time being, trading sources say. “I cannot sell anything this month,” a Chinese trader says.
Kallanish maintained its assessment for 2-2.7mm SAE1006 HRC on Friday at $417-425/t cfr Vietnam.
