Posted on 19 Sep 2022
The Vietnamese hot rolled coil import market remains sluggish, Kallanish notes. The week before last, overseas suppliers had hiked offers amid anticipated improved demand in the EU and South Korea. Weak demand and a lack of liquidity however continue to depress buying activity.
Bookings for Chinese SS400 HRC 3-12mm thickness HRC for November shipment were heard to have been struck at $575/tonne cfr early in the week, and thereafter at $568/t cfr on Friday.
While Vietnamese sources heard that the lower-priced booking was for a small tonnage of 1,000-3,000t, a Chinese trader believes the booking was for over 15,000t. He is seeing bids at $560/t cfr for December shipment. The weakness in the Chinese yuan is the main reason for the lower prices, he says.
Chinese SS400 HRC was booked at $580/t cfr Vietnam during the week through 9 September.
Offers for SAE 1006 HRC are scarce, market sources say. Chinese-origin SAE 1006 HRC is offered at around $605-610/t cfr, a Hanoi trader says. He has not heard of other origins being offered. While most others agree, a Ho Chi Minh City trader says he has heard of offers at $610/t cfr for Taiwanese as well as Indian HRC. These are October-shipment position cargoes from traders, he adds.
Domestic producer Formosa Ha Tinh released its new domestic HRC allocations on 15 September at unchanged levels of $610/t cfr Ho Chi Minh City for November shipments.
Kallanish assessed SAE grade 2-2.7mm thickness HRC at $585-590/t cfr Vietnam, unchanged on-week.
Source:Kallanish
