Vietnam’s Hot Rolled Steel Coil Import Prices Continued To Fall

On March 31, Vietnam’s hot rolled steel coil import assessment price was 665-680 US dollars / ton (CFR), which showed a downward trend from 680 US dollars / ton (CFR) in the previous week (mainly referring to 2-3mm SAE1006 re-rolled grade hot coil and similar products).

According to Vietnamese market news, last week’s export quotation of SAE1006 hot rolled steel coil to Vietnam was mostly 665-680 US dollars / ton (CFR), there was a Chinese mainstream steel mill at the end of April delivery period of SAE1006 hot coil to Vietnam export quotation of 695 US dollars / ton (CFR), and another Chinese private steel mill SAE1006 hot rolled steel coil that is often active in the export market was quoted at 660 US dollars / ton (CFR) to Vietnam. Some Vietnamese buyers offered $640/mt (CFR) for imported SAE1006 hot rolled steel coil, and the actual transaction volume of Vietnam’s imported hot rolled steel coil market continued to be light last week. Some Vietnamese market participants said that the current demand for steel in Vietnam’s downstream industry is relatively sluggish, the debt and other problems in the real estate industry are still continuing, some Vietnamese galvanized sheet and steel pipe manufacturers are currently exporting orders to the European market at a poor price, and in February, Vietnamese buyers generally purchased a large number of hot rolled steel coils, so most of them are currently in a wait-and-see state.

On March 31, Vietnam’s hot rolled steel coil imports from Japan, South Korea and Taiwan were assessed at $700-710/ton (CFR), unchanged week-on-week. Last week, the export quotations of hot coil from South Korea and Taiwan to Vietnam were 750 US dollars / ton (CFR) and 730 US dollars / ton (CFR) respectively; Last week, a Japanese long-process mainstream steel mill did not issue a hot rolled steel coil export quotation to Vietnam, but the export quotation to the rest of Southeast Asia was 750-780 US dollars / ton (CFR).

Note: USD 665-680 = RMB 4582-4685 (RMB to USD exchange rate on April 3)