ASIA HRC: Demand in Vietnam still thin amid Covid-19 resurgence, approaching monsoon

Demand for SAE1006 hot-rolled coil in the key import market of Vietnam remained extremely subdued in the week to Friday June 11 amid a resurgence of Covid-19 cases in the country and an approaching monsoon season.

Major Chinese mills offered back-to-back cargoes of HRC at $1,000 per tonne cfr Vietnam this week. Shagang issued export offers of $970 per tonne fob China for its HRC.
Major Indian steel mills were asking for $1,030-1,040 per tonne cfr Vietnam this week.
Offers for distressed cargoes sitting at a major Vietnamese port, or in the process of loading in China, have fallen to $930-950 per tonne cfr Vietnam. In contrast, offers for position cargoes were around $950-970 per tonne cfr Vietnam last week.
"Buyers are not interested in prompt-shipment materials because they have sufficient stock," a buyer source in Vietnam told Fastmarkets on Friday June 11.

Bids from buyers in Vietnam were reported at $900-920 per tonne cfr Vietnam, although many were not in the spot...


Paul Lim

June 11, 2021

10:46 GMT