ASIA HRC: Furious short-selling sparks chaos in Vietnam

A spike in short-selling activity among traders turned the Vietnamese hot-rolled coil import market chaotic in the past week.

Fastmarkets' price assessment for steel HRC import, cfr Vietnam - which mainly looks at Chinese 2-3mm re-rolling-grade SAE1006 HRC and equivalent products sold into Vietnam - was $475-479 per tonne cfr for the week ending Monday August 19, down $18-20 per tonne from $495-497 per tonne a week earlier.
Transactions involving up to 50,000 tonnes of September- and October-shipment Indian HRC were heard concluded at $475-479 per tonne cfr Vietnam during the week. At least 20,000 tonnes of these were sold to buyers in northern Vietnam.
Numerous traders who tried to offload their cargoes before prices fell further issued a wide range of offers, at $475-490 per tonne cfr Vietnam.

A cargo to be delivered in...

Published

Paul Lim

August 19, 2019

10:41 GMT

Singapore