Some buyers remained in negotiations with domestic producers Formosa Ha Tinh Steel Corp and Hoa Phat Steel and had little intention of purchasing imported cargoes.
There had been market chatter that 60,000 tonnes of Indian HRC had been sold to Vietnam by traders at $890-900 per tonne cfr Vietnam within the last week, but a source close to the Indian steelmaker said this was untrue.
“There were some negotiations going on, with bids coming in at $890-900 per tonne cfr Vietnam. However, we did not conclude any transactions,” the source said.
Some market sources in Vietnam said that price was unworkable.