Posted on 27 Nov 2023
The Vietnamese hot rolled coil import market continues to inch upwards in line with the upturn in the Chinese domestic market, Kallanish notes. The price gap between commercial-quality and re-rolling strips is narrowing.
Offers for 2-2.5mm thickness SAE 1006 HRC from China are prevailing at $585/tonne cfr Vietnam, up from $580-585/t cfr the week before. A leading Vietnamese stockist was heard to have ordered 30,000 tonnes of SAE 1006 HRC for January shipment from a Chinese mill at $578/t cfr. The booking was made earlier in the week through 24 November, Vietnamese trading sources heard.
The same Chinese mill is currently offering 2,000t of 1,215mm width 2-2.7mm thickness HRC for shipment by 10 February at $583/t cfr but bids are being invited at $580/t cfr. Kallanish assessed SAE grade 2-2.7mm thickness HRC at $580/t cfr Vietnam, up $2.5 on-week.
Commercial HRC deals have transacted at $555-560/t cfr Vietnam. Several small orders of 3-12mm thickness Q235 HRC took place during the past week at $560/t cfr. “I hear of daily deals for Q195 HRC at $555-558/t cfr,” notes a trader in Ho Chi Minh City. The deals are for small tonnages of less than 5,000t each, another trader says. Commercial HRC import prices in Vietnam were at around $30/t lower than re-rolling HRC last month.
The market quietened down on Friday afternoon, a Hanoi trader says. In addition to the market taking a breather after prices rose so quickly, customers are concerned about potential delays in January/February-shipment cargoes. They are concerned about congestion at Chinese and Vietnamese ports because of the Lunar New Year holidays, he explains.