Vietnam: Imported HRC market slows down amidst currency depreciation

Imported HRC offers for China-origin hot-rolled coils (HRC, SAE1006) into Vietnam dropped w-o-w. Demand in the Vietnamese market remained sluggish due to which trade activities were limited. In addition, China's Shanghai Futures Exchange (SHFE) prices for January contracts also fell w-o-w.

Imported HRC offers Chinese HRC (SAE1006) offers were heard at $560-565/t CFR, down w-o-w against $565-570/t CFR a week ago. Meanwhile, offers for SS400 grade were at $540-545/t CFR. Indian mills are not offering to Vietnam due to limited allocations and higher realisations in domestic market. This week, no offers were heard