Posted on 03 Apr 2020
Vietnam’s hot rolled coil market continues to slide, Kallanish notes. Traders are shorting the market with low-priced material from India and Russia.
A Vietnamese stockist ordered 20,000-40,000 tonnes of SAE 1006 2mm up thickness HRC from India for May shipment at $395/tonne cfr Vietnam on Wednesday. The offer was originally heard at $400/t cfr Vietnam on Monday.
Another trader is in the market offering Russian big-coil SAE 1006 strip for June shipment at $380/t cfr Vietnam. Traders have in the past been blamed for bringing down prices quickly by short-selling material.
Other offers in the market were higher-priced on Wednesday. SAE 1006 HRC from Japan and South Korea were offered at $440/t cfr and $450/t cfr Vietnam respectively, down $5/t and $10/t respectively from last Friday. Indian HRC offers were priced at $410/t cfr last Friday.
Source:Kallanish
