Vietnam's imported HRC market remained sluggish on Friday, affected by uncertainties over the ongoing anti-dumping investigation into HRC imports from China, higher Chinese prices, and port congestion. These factors are further weighing on an already weak market.
The Vietnam Ministry of Industry & Trade recently extended the deadline for submitting documents in the anti-dumping investigation into Chinese HRC until October 16. This move has been seen as providing a longer window for placing Chinese HRC orders. However, the extension's impact may be limited, as many orders for October shipments have already been finalized.
In the middle of last week, 15,000 to 20,000 tons of Q235 grade HRC, believed to be of Chinese origin, were booked at USD 462-465 per ton CFR for shipment to Vietnam until mid-October. Although shipment time from China to Vietnam takes around 7-10 days, congestion is causing delays, especially at ports in Tianjin and Jingtang. Some vessels are reportedly waiting for more than 15 days for berthing.
Higher prices for Chinese HRC are also affecting the market. In Vietnam, offers for Q235 grade HRC are at USD 468-469 per ton CFR, and shipments are expected in early November. However, importers are hesitant as anti-dumping duties are expected to be imposed in November, which poses a risk to shipments later in the month.
Domestically, Formosa Ha Tinh continues to offer price discounts for HRC, offering domestic shipments at USD 510 CFR with a USD 10 discount per ton for bookings of 20,000 tons or more.
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