Posted on 11 May 2022
The Vietnamese hot rolled coil import market suffered a sharp price fall at the start of this week, Kallanish notes. Buyers are still hesitating because of market bearishness.
“Demand is still very, very weak,” a Chinese trader says. Chinese SS400 grade 3-12mm thickness HRC prices are prevailing at $780/tonne cfr Ho Chi Minh City, compared to $810/t cfr last Friday, most trading sources say. Offers for SAE 1006 HRC are prevailing at $820-830/t cfr, compared to $830-850/t cfr previously. These are for end-June or early-July shipments.
However, some Vietnamese traders also report lower numbers. “I have in hand an offer for SS400 HRC at $770/t cfr,” one of them says. There is also 2.75mm thickness SAE 1006 HRC offered at $780/t cfr, he adds. He has not however heard of deals. “Buyers think that prices will come down further,” he continues.
Another Vietnamese trader says the Chinese Tier 2 and 3 mills are likely the ones that are offering 3mm and up thickness SAE 1006 HRC at $780/t cfr.
A third Vietnamese trader says there is 2mm and up thickness SAE 1006 HRC offered at $795/t cfr Vietnam. But a Chinese trader points out no mills would offer SAE 2mm up 1006 HRC at $800/t cfr, given that the Chinese steel futures market was levelling off on Tuesday.
Meanwhile, the HRC import market in the Philippines also saw prices fall. Chinese commercial grade 3-12mm HRC offer prices dipped to $780/t cfr from $820/t cfr Manila last Friday. There are no takers so far, local traders say.
Source:Kallanish
