Vietnamese HRC market grinds to a halt

Posted on 23 January 2020

Source: Kallanish

The Vietnamese hot rolled coil import market has been quiet as participants prepared to leave for their long lunar new year holiday, Kallanish notes. Limited offers were in the market during the week largely due to the absence of Chinese suppliers and the closure of Chinese exporting mills.

Offer prices for SAE 1006 2mm and up hot rolled coil from China were heard on Tuesday at $520/tonne cfr, and from Japan, also at $520/t cfr. A Vietnamese trader reports that there are no offers on Wednesday as Vietnam will go on holiday from Thursday until 29 January. Offers last Friday were prevailing at $520-525/t cfr Vietnam.

The availability of two low-priced CIS HRC offers for March/April shipment drew some attention. A South Korean trader was heard on Tuesday to have offered Ukrainian small-coil SAE 1006 HRC at $490/t cfr Vietnam. The quantity of the offer was not restricted, a trader says Wednesday.

At the same time, 60,000 tonnes of Russian-origin big-coil SAE 1006 HRC was offered at $505/t cfr Vietnam. The latter has given the impression to people that the market has fallen, a regional trader says. He did not think that this was the case and believed that Indian-origin SAE 1006 2mm and up thickness HRC offers is priced at above $530/t cfr Vietnam.

Kallanish maintained its 2-2.7mm SAE1006 HRC assessment on Wednesday at $515-520/t cfr Vietnam.


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