Vietnamese HRC prices drop
2016-05-25 09:04:48 [Print]
BEIJING (Asian Metal) 25 May 16 - The HRC price declined sharply by VND800,000/t (USD36.6/t) in Vietnam this week due to downward purchasing cost and the slow market, after a markdown of VND200,000/t (USD9/t) last week. Currently the mainstream price of SS400 4.0-12mm imported from China is around VND9,000,000/t (USD411/t) VAT included. Insiders foresee another price decrease in view of the slow market.
A trader in Binh Duong reported to Asian Metal that his price for SS400 4.0-12mm imported from China is VND9,000,000/t (USD411/t), down by VND800,000/t (USD36.6/t) over last Friday.
Not being confident of the market outlook in view of the current poor sales performance, the source refused to build a large inventory, holding a stock of 13,000t at hand, against 18,000t at the beginning of the year. Noted by him, it is the rainy season, the traditional low period in Vietnam right now, and the rigid demand shrinks much. In addition, sharp and continuous price decline from China, the major origin for Vietnamese HRC, weakening local participants’ confidence in the coming market. “The price I received from Chinese Benxi Steel for SS400 2.0mm is USD370/t CFR Haiphong this week, decreasing by USD40/t totally over last Monday,” added the source, with the sales volume of 3,000t in recent one week, against 4,000t per week at the beginning of April. His sales volume was 15,000t totally last month.
Another trader in Phu Tho revealed his price for SS400 4.0-12mm imported from China is VND9,000,000/t (USD411/t), decreasing by VND800,000/t (USD36.6/t) compared with last Friday.
According to the source, it is the downward price trend from China that caused the price decline in Vietnam. According to him, Chinese Baotou Steel quoted USD380/t CFR Haiphong for SS3400 2.0mm this week, dropping by USD40/t over last week, and some Chinese exporters even give a low price of USD350/t CFR Haiphong. Reporting a stagnant market, the source disclosed that his sales volume was just 50t on Tuesday, one-third of the projected level. Currently he is watching the market cautiously and does not plan to supplement the inventory in following one or two weeks seeing the downward trend of purchasing costs. Holding a stock of 2,000t at hand right now, lower than 3,000t at the beginning of the year, he sold 2,000t totally last month.
A trader in Binh Duong reported to Asian Metal that his price for SS400 4.0-12mm imported from China is VND9,000,000/t (USD411/t), down by VND800,000/t (USD36.6/t) over last Friday.
Not being confident of the market outlook in view of the current poor sales performance, the source refused to build a large inventory, holding a stock of 13,000t at hand, against 18,000t at the beginning of the year. Noted by him, it is the rainy season, the traditional low period in Vietnam right now, and the rigid demand shrinks much. In addition, sharp and continuous price decline from China, the major origin for Vietnamese HRC, weakening local participants’ confidence in the coming market. “The price I received from Chinese Benxi Steel for SS400 2.0mm is USD370/t CFR Haiphong this week, decreasing by USD40/t totally over last Monday,” added the source, with the sales volume of 3,000t in recent one week, against 4,000t per week at the beginning of April. His sales volume was 15,000t totally last month.
Another trader in Phu Tho revealed his price for SS400 4.0-12mm imported from China is VND9,000,000/t (USD411/t), decreasing by VND800,000/t (USD36.6/t) compared with last Friday.
According to the source, it is the downward price trend from China that caused the price decline in Vietnam. According to him, Chinese Baotou Steel quoted USD380/t CFR Haiphong for SS3400 2.0mm this week, dropping by USD40/t over last week, and some Chinese exporters even give a low price of USD350/t CFR Haiphong. Reporting a stagnant market, the source disclosed that his sales volume was just 50t on Tuesday, one-third of the projected level. Currently he is watching the market cautiously and does not plan to supplement the inventory in following one or two weeks seeing the downward trend of purchasing costs. Holding a stock of 2,000t at hand right now, lower than 3,000t at the beginning of the year, he sold 2,000t totally last month.
