Market participants in conversation with SteelMint shared that Indian HRC export offers to Vietnam inch down further by USD 5-8/MT in recent deals concluded amid weak purchases from Vietnamese buyers.
Last week a major Indian steel mill based in eastern region has concluded a deal of 10,000 MT of HRC cargo to Vietnam in the range of USD 592/MT CFR basis.
Meanwhile another mill based in Western India has offered imported HRC to Vietnam which is around USD 605/MT CFR basis.However no major deal has been concluded yet.
A couple of weeks back, an Indian mill have concluded a deal of 5,000 MT of HRC cargo to Vietnam buyer in the range of USD 600-605/MT CFR basis.
Meanwhile domestic producer Formosa has also lowered their offers for HRC skin pass for September shipments which is around USD 610/MT CIF basis.Meanwhile Chinese offers are hovering around USD 600-610/MT CFR basis.Thus amid lower offers Vietnamese are preferring HRC from India.
Imported HRC offers to Vietnam from China - Week 31,2018
1.HRC (SAE 1006) 2-3mm / Chinese offer - Benxi Iron & Steel mill at USD 610/MT,CFR Vietnam.
2.HRC (SAE 1006) 2-3mm / Chinese offer - Rizhao Steel at USD 605/MT CFR Vietnam.
3.HRC (Sae 1006) 2-3mm / Chinese offer - Magang Steel at USD 600/MT CFR Vietnam.
4.HRC (SAE 1006) 2-3 mm/Indian offer- Steel Mill at USD 592-595/MT CFR Vietnam.
5.Currently no active offers from Russian,Korean and Japanese mills to Vietnam.
End users in Vietnam continue to bid on lower side since the demand for imported HRC remains sluggish as it is been fulfilled from domestic mill Formosa.
Indian flat steel exports in Jan-May’18: As per the data maintained with SteelMint,Indian flat steel exports comprises of 2.37 MnT of flat steel in Jan-May’18.Out of which Vietnam accounted for 0.12 MnT and occupied the share of 5.02% in Jan-May`18.
