According to trade sources, the drop in offers for Chinese HRC in Vietnam has led to traders willing to renegotiate contracts after settling at higher prices.
Prices were recorded at USD470-478 USD CFR per ton at the beginning of last week and USD 490-495 USD CFR at the end of the week of August 5-11.
Chinese offers for 3-12 mm Q235 HRC dropped to around USD 460 per ton CFR for shipments until October 10. For Q195 HRC with a 3 mm base thickness, offers were as low as USD 458 per ton CFR. Sources said that some deals were concluded at USD 456-458 CFR.
A Vietnamese trader said that the market is in a bad state at the moment, with buyers asking for discounts in the range of USD 15-20 for bookings made in the last two weeks. He added that the situation is exacerbated by sellers who are bidding at low prices and pushing prices even lower.
HRC prices for SAE grade 2-2.7 mm thick were assessed at USD 480-485 CFR Vietnam, down USD 27.5 from the previous week.
SAE 1006 HRC offers also fell to USD 483 CFR on Friday, albeit by a small margin. This grade was priced at USD 490 CFR on August 13 and USD 510-515 CFR on August 9. A trader in the area said there were no bookings.
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