Vietnamese buyers order competitive Chinese steel SS400 HRC

Vietnamese importers continued to order commercial quality hot rolled coil from China last week.

Orders for Chinese 3-12mm thick SS400 HRC steel were placed at around $570/t in Vietnam, Vietnamese and Chinese trade sources say. About 20,000-30,000 tons have been booked at $565-575 per ton per freight for October and November shipments to Haiphong and Ho Chi Minh City (HCMC) on September 19-22, according to a Chinese trader.

Another Chinese trader said on Thursday that about 30,000 tons were booked for shipment by early December at $570/t in Vietnam. The recent depreciation of the Chinese yuan supported the deals, traders said. Earlier on September 16, orders for Chinese hot-rolled coils of the same grade and thickness were placed at USD 568 per tonne of francs.

Chinese suppliers are pushing for higher prices. Nearly all offers are around $575/t HCMC for shipments by December 15, a Vietnamese trader said on Friday. However, the domestic market is still weak, he adds.

The market for imported hot-rolled steel was calm during the week. Trade sources say they do not see offers for SAE 1006 HRC, including from China. Prices in the Vietnamese market are too low for exporters, says a Chinese trader.

Over the past ten days, domestic producers Formosa Ha Tinh and Hoa Phat have posted their new domestic hot rolled coil quotas of US$610/tonne francs and US$595/tonne Vietnam francs, respectively, unchanged from last month (see below). Kallanish passim).

The price of HRC class SAE 2-2.7 mm thick is $590/t cfr Vietnam, up $2.5 per week.