Posted on 29 Sep 2025
Indonesian hot rolled coil is benefiting from China’s pending exit from Vietnam’s hot rolled coil import market, with good export sales to Vietnam in recent weeks, Kallanish notes. But Vietnamese import demand slackened last week following some buying activity earlier this month, including for Indonesian and Indian strip.
Two Indonesian mills sold around a combined 250,000 tonnes of SAE1006/SS400 3mm base thickness HRC at $503-508/tonne cfr Vietnam, for December/January shipment, trading sources in Indonesia estimate.
But some say there is hardly anyone buying for January shipment. “Maybe they sign January-shipment contracts but are aiming for December shipment,” a trader notes.
Numerous orders were made at $503-505/t cfr in mid-September, with deal prices rising to $507-508/t cfr during the week ended 19 September.
Suppliers are now aiming sell Indonesian HRC for January shipment at $510/t cfr Vietnam.
“This week, Vietnamese HRC demand is weak. I think that suppliers will possibly accept $508-510/t cfr for more than 10,000t orders,” a source said on Friday. “Because the Chinese steel futures market is not doing well for the past couple of days.” Small quantities such as 1,000t each closed at $512/t cfr last week. This price is not achievable for bigger-tonnage orders where buyers can negotiate prices down.
The first Indonesia-based trader does not think there are many large buyers keen to book at $509/t because there are still stock cargoes available for December, whereas Indonesian mills have opened their January-shipment order books. “Customers’ price idea is quite low at around $500 compared to offers at $510/t cfr,” a Vietnamese trader said on Friday.
Indonesian mills’ HRC export markets are Vietnam and the EU.
A Tier 1 South Korean mill is heard to have sold last week 30,000t of 2-3mm thickness SAE 1006 HRC for November shipment, of which 30% is 2mm, at $505-510/t cfr Vietnam.
Kallanish assessed SAE grade 2-2.7mm thickness HRC at $505-510/t cfr Vietnam, up from $505-508/t cfr week-on-week.
Meanwhile, deals for 2m-width 3mm base Q235 HRC for prompt shipment before 15 November were concluded at $496-497/t cfr. Offers are prevailing at around $497-499/t cfr Vietnam but bids were generally lower last Friday, at $490-492/t cfr, Vietnamese trading sources note.
Wide-width Chinese HRC faces the prospect of pending anti-dumping action after Vietnamese producers filed a trade petition with trade authorities (see Kallanish passim).
Source:Kallanish
