Imported HRC offers for Vietnam reel under pressure
Sep 30, 2020 10:00
Chinese mills have lowered HRC export offers significantly after they turned active for exports following a sharp cut in domestic offers. Imported HRC offers for Vietnam from China's leading mills like Benxi, Rizhao Steel etc are currently assessed at $515/t CFR Vietnam which was around $535/t CFR basis a week ago. Few position cargoes trades were reported at $515/t CFR levels, however, the quantity couldn’t be confirmed till the time of publishing the report.
Notably, Russian offers also fell down by $15-20/t w-o-w to $510/t CFR basis as compared to $525-530/t CFR basis offered a week ago. The Russian Ruble fell further against the dollar today and hit 79.02 mark on increasing COVID cases. However Indian steel mills continue to remain inactive in the