Posted on 19 Oct 2022
Imported hot rolled coil prices are still dropping in Vietnam, Kallanish notes. A combination of credit tightening measures and weak demand continues to depress the market.
Chinese hot rolled coil prices remain weak. Bids are invited for SAE 1006 HRC at $560/t cfr Ho Chi Minh (HCM) or Hai Phong port. This offer is for 50% 2.0mm thickness and the remaining 50%, 2.3-2.75mm thickness coil for shipment by 30 December. For SS400 grade, market sources say that 3mm and up thickness HRC offers are around $540/t cfr Vietnam. These prevailing offers are $10/t lower than last Friday. A Vietnamese trader heard that Chinese SS400 grade HRC was offered at $535/t cfr on Monday. These are offers from some trader who are short-selling HRC, he says.
Also, 2mm and up thickness SAE 1006 HRC from Taiwan, for December shipment, is recently offered at $570/t cfr Vietnam.
Vietnam’s Hoa Phat Dung Quat Steel, is due to announce its December-shipment domestic prices within the coming days. Market sources expect its new January shipment allocations will be tagged at the equivalent of around $570/t cfr Vietnam. Last Friday, the other HRC producer, Formosa Ha Tinh Steel released its December-shipment domestic price of its non-skin-passed SAE 1006 HRC at the equivalent of $593/t HCM.
Source:Kallanish
