Posted on 25 Jan 2021
Trading activity in Vietnam's re-rolling hot rolled coil market was quiet last week. Importers are not keen to make purchases in a softening market, Kallanish notes. Some bookings took place last week for narrow strip and SS400 HRC because these products have seen more significant downward price corrections.
Offers for SAE 1006 2-2.5mm thickness HRC from the lower-tier Chinese mills were prevailing last Friday at $670/tonne cfr, whereas offers from the popular and Tier 1 mills from China are at $710/t cfr. These are all $20/t lower than the previous week ending 15 January.
Traders are offering position cargoes of SAE 1006 HRC at around $665-670/t cfr. However, Vietnamese buyers are bidding at $650-660/t cfr for SAE 1006 HRC, resulting in no deals being concluded. While suppliers are keen to sell HRC, most Vietnamese buyers prefer to wait and are postponing sales discussions, a trader said on Friday.
Re-rolling SAE 1006 2mm base HRC from the Tier 1 mills is offered at $770/t cfr Vietnam for South Korean material and $790/t cfr for Japanese HRC.
Some small quantities of SS400 HRC from China were booked last week at $630-635/t cfr Vietnam. Deals for narrow hot rolled strip from China also concluded at $615-625/t cfr.
Kallanish assessed the import price for SAE 2-2.7mm thickness HRC on 22 January at $660-670/t cfr Ho Chi Minh City, down $20 week-on-week.
Source:Kallanish
