Posted on 31 Oct 2022
Prices of hot rolled coil continue to tumble in Vietnam, Kallanish notes. Market sentiment is negative because there are no signs of any improvement occurring soon.
Suppliers continue to invite bids for Chinese HRC at ever lower prices. Traders are continuously bringing down prices and causing jitters in the market, one Chinese trader says.
Chinese-origin SS400 grade HRC had been prevailing at $510/tonne cfr Vietnam, down from $520/t cfr earlier last week. But on Friday, offer prices slipped by a further $10/t.
A Vietnamese trader heard an offer for December/early-January shipment on Friday at $500/t cfr Ho Chi Minh City. Some allocations of Chinese SS400 HRC in-stock have already been sold at $500/t in the domestic market, a mill manager in Hanoi notes.
A Vietnamese trader reports that traders are welcoming bids for 2mm and up thickness SAE 1006 HRC from many Chinese mills at $550/t cfr, similar to the week ending 21 October. However, a Chinese trader believes that buyers can now secure Chinese-origin SAE 1006 material at $530-535/t. “Prices [of SS400 grade] might reach $400 plus levels next week,” he adds. Japanese SAE 1006 2-2.5mm thickness HRC is currently offered at $565/t cfr Vietnam.
Kallanish assessed SAE grade 2-2.7mm thickness HRC at $530-540/t cfr Vietnam, down $10 on-week.
Coincidentally, two years ago, in the midst of the Covid-19 pandemic on 30 October 2020, Kallanish assessed this product at $525-530/t cfr Vietnam.
Source:Kallanish
