News Room - Steel Prices

Posted on 20 Nov 2023

Vietnamese HRC market rises on higher Chinese prices

The Vietnamese hot rolled coil import market continued to rise in tandem with the surge in Chinese steel futures, Kallanish notes. The re-rolling HRC segment has finally risen after being flat in recent weeks. The import market for commercial-quality material has been rising steadily.

Offers for SAE 1006 HRC from China have risen to a minimum of $580-585/tonne cfr Vietnam, up from $555-560/t in recent weeks. There are also higher-priced offers at up to $600/t cfr.

Traders are offering SAE 1006 2-2.75mm thickness HRC from various Chinese mills, at seller's option, at $580-585/t cfr. “These are for new orders for shipment in January 2024,” one trader says.

Bids are currently at $575/t cfr, a trader in Ho Chi Minh City observes. ”Buyers are restocking because the new year is coming,” he adds. Kallanish assessed SAE grade 2-2.7mm thickness HRC at $575-580/t cfr Vietnam, up $20 on-week.

Traders report hearing two Vietnamese re-rollers clinching Japanese SAE 1006 HRC at $570/t cfr during the week through 10 November. Kallanish is unable to confirm the tonnage booked. Some traders say the bookings were less than 10,000t each because of the low price.

Suppliers have raised export offers for Chinese 3-12mm thickness Q235 to around $560/t cfr Vietnam, which is up from $548-550/t cfr the week before. Current offers for Chinese-origin SS400, SPHC and Q195 grade HRC are also at around $560/t cfr. These offers are for shipment by early January. Deals for Q235 HRC were last struck at $530-532/t cfr in early November after hitting lows of $518-520/t cfr four weeks ago.