Vietnam's hot rolled coil (HRC) market is awaiting the return of Chinese traders after the one-week Golden Week holiday. According to a trader in Hanoi, there are currently no offers from China. Exporters from other countries, including Japan and South Korea, are also holding back on offering prices, with many waiting to see how the market responds once China resumes business.
Meanwhile, local market participants are closely observing whether Hoa Phat’s planned domestic price hike for December deliveries will be accepted. The company raised its price for SS400 grade HRC by around USD 34 per ton and set it at around USD 548 CFR excluding VAT for South Vietnam as of October 1. Hoa Phat is expected to finalize its order book by Saturday.
However, concerns are growing that this price increase may be difficult for buyers to accept, given that Vietnamese downstream exports are facing sluggish demand. A mill manager in Vietnam pointed out that the country's coated and cold-rolled steel exports have been targeted in retaliatory trade actions in markets such as the U.S. and Mexico, further complicating the outlook.
Currently, the price of SAE grade HRC with a thickness of 2-2.7mm is valued at 510-520 USD CFR Vietnam per ton, reflecting an increase of 17.5 USD per ton.
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