Chinese hot rolled coils have again become competitive with rolled metal products in Vietnam. China’s return to Vietnam amid a weakening Chinese domestic market also marks a decline in the Vietnamese import market after several weeks of continuous price increases.
Bids for 2–2.5 mm HRCs dominate at $ 535 /t cfr in Vietnam from a popular Chinese plant and at $ 525 /t cfr from two less popular Chinese plants. According to a local trader, these offers are direct offers from factories.
Bids for the 2mm SAE 1006 HRC from South Korea and Japan prevail at $ 545 per ton CFR in Vietnam. According to one Vietnamese trader, there are no deals in Vietnam because the Chinese market is falling.
Traders open orders to buy Chinese materials at attractive levels. Chinese traders asked buyers to bid for 3-12mm SS400 /Q235 HRC steel for mid-December delivery at $ 515-520 /t in Ho Chi Minh City and even at $ 510 /t /t. These traders were looking for bids at $ 510 /t cfr for late December or January shipments. However, applications can be re-confirmed.
On Friday, Kallanish lowered the 2-2.7mm SAE1006 HRC to $ 525-530 /t in Vietnam, down $ 5 in a week.