ASIA HRC: Demand tepid while negotiations for domestic supplies continue, iron ore falls

Tepid demand for hot-rolled coil imports (HRC) persisted in the key Vietnamese market in the week to Friday September 17, with multiple factors causing prices to fall week on week.

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.

“It's not...


Paul Lim

September 17, 2021

09:42 GMT