IRON and STEEL
This week imported HRC offers to Vietnam inched down further in line with continual decline in HRC export offers from China. Chinese HRC exports offers have reached to rock bottom due to significant fall in domestic prices.
Meanwhile ample supply of imported material and sluggish demand in downstream products in Vietnam market has kept imported HRC offers on downside.
Buyers in Vietnam are expecting further fall in export offers from China. Thus they have postponed their purchase plans and will book material later since they are holding enough stock in hand. Thus no major deals were reported in the beginning of the week.
Also as per SteelMint price assessment, imported HRC offers to Vietnam slashed by USD 30-35/MT on monthly basis to USD 505/MT CFR in June’19 which was USD 540-545/MT CFR basis in month of April’19.
Current HRC trades to Vietnam - Week 24, 2019
1. HRC (SAE 1006) 2-3mm/Chinese offer- Bao Steel is at USD 505/MT CFR Vietnam. Towards the end of last week the offers was at USD 510/MT CFR basis.
2. HRC (SAE 1006) 2-3mm/Chinese offer- Laiwu Steel is at USD 495/MT CFR Vietnam. Towards the end of last week the offers was at USD 498/MT CFR basis.
3. Towards the end of last week confirmed trade deal was heard of around 10,000 MT of HRC booked from China based Laiwu Steel to Vietnam at USD 498/MT CFR basis.
4. HRC (SAE 1006) 2-3mm/Japanese offer- Nippon Steel is at USD 535/MT CFR basis remain unchanged on weekly basis.
5. HRC (SAE 1006) 2-3mm/Brazil offer- Arcelor Mittal is at USD 510/MT CFR basis.
6. HRC (SAE 1006) 2-3mm/Indian offer- TATA Steel is at USD 500/MT. Towards the end of last week offers were around USD 505/MT CFR basis.
7. HRC (SAE 1006) 2-3mm/Russia offer- MMK Steel is at USD 495/MT CFR basis.