Weak Turkish lira, renewed US-China tensions dampen Vietnam's HRC demand

The weak Turkish lira and renewed trade tensions between the United States and China have dampened demand for imported hot-rolled coil in Vietnam.

The Fastmarkets MB weekly import price assessment for HRC in Southeast Asia - which mainly looks at Chinese 2-3mm re-rolling-grade SAE1006 HRC and equivalent products sold into Vietnam - was $530-540 per tonne cfr for the week ending Monday May 13, unchanged from a week earlier. Turkish HRC was offered at $535 per tonne cfr Vietnam over the past week, which kept the Turkey-Asia arbitrage window open. But no transactions involving such materials were heard. Market participants expect Turkish HRC to remain competitively priced in the spot market, especially amid the weakening...

Published

Paul Lim

May 13, 2019

11:00 GMT

Singapore