Posted on 08 Jul 2024
Chinese hot rolled coil prices in Vietnam lifted last week in tandem with firming iron ore, Kallanish notes. The surge in steel futures on the Shanghai Futures Exchange helped push up offer prices mid-week but a downward retreat last Friday continues to cast uncertainty and confusion amid weak demand.
Offers for China-origin 3-12mm thickness Q235 grade HRC were prevailing last Friday at $525-527/tonne cfr Vietnam. Offers for Chinese 3mm base Q195 HRC are heard at similar levels. These offers are at $5-10/t lower than on 28 June. There was also price volatility of around $10/t during the week through 28 June.
Trading sources in northern and southern Vietnam do not hear of deals taking place last week. “Clients are quite silent,” a trader in Hanoi says. Rerolling grade 50% 2mm thickness SAE 1006 HRC from China is offered at $540/t cfr Vietnam, for shipment by 10 September, up from $535/t cfr on 28 June.
Domestic producer Hoa Phat is heard to have offered a $10/t discount for HRC orders of 20,000 tonnes last Wednesday, trading sources report. Its quotes for non-skin passed SAE1006 or SS400 grade HRC, for August and September deliveries, were set on 1 July at the equivalent of around $553/t cfr southern Vietnam, excluding VAT (see Kallanish passim).
Kallanish assessed SAE grade 2-2.7mm thickness HRC at $535-540/t cfr Vietnam, unchanged week-on-week.
Source:Kallanish
