Vietnamese HRC price drops
2015-07-09 08:55:16 [Print]
BEIJING (Asian Metal) 9 Jul 15 - The HRC prices decrease sharply in Vietnam this week because of the weakening purchase cost as well as the sluggish market. Most traders show no confidence in the market outlook. Insiders deem that the price is likely to continue on the downward trend in following several days.
A trader in Ho Chi Minh tells Asian Metal that his quotation for HRC SS400 2.0mm*1,250mm*C imported from China is VND9,000,000/t (USD412/t), down by VND500,000/t (USD22.9/t) over last week.
The source is extremely pessimistic about the market outlook and he thinks the price is likely to go down again next week, with an estimated markdown of VND500,000/t (USD22.9/t). According to him, the market performance is rather unsatisfying and customers prefer to inquire rather than place firm orders, with wait-and-see attitudes. With a low stock of 1,000t in hand against the regular level of 2,000t, he is eager to sell products to withdraw capitals.
Another trader also in Ho Chi Minh offers VND8,900,000/t (USD408/t) for HRC SS400 2.0mm*1,250mm*C imported from China, decreasing by VND500,000/t (USD22.9/t) over last week.
Attributing the price decline to the weakening purchase cost, the source informs that export prices of SAE 1006B 2.0mm from Benxi Steel and secondary tier mills in China like Chengde Steel and Xinyu Steel are USD340/t CFR HCM and USD330/t respectively, down by USD5-10/t over last week. Besides, considering Chinese domestic selling prices of HRC showed a downward trend this week, most downstream customers in Vietnam require a further price decline and are inactive in placing orders at the moment, leading to a dim market, which makes the price drop further.
A trader in Ho Chi Minh tells Asian Metal that his quotation for HRC SS400 2.0mm*1,250mm*C imported from China is VND9,000,000/t (USD412/t), down by VND500,000/t (USD22.9/t) over last week.
The source is extremely pessimistic about the market outlook and he thinks the price is likely to go down again next week, with an estimated markdown of VND500,000/t (USD22.9/t). According to him, the market performance is rather unsatisfying and customers prefer to inquire rather than place firm orders, with wait-and-see attitudes. With a low stock of 1,000t in hand against the regular level of 2,000t, he is eager to sell products to withdraw capitals.
Another trader also in Ho Chi Minh offers VND8,900,000/t (USD408/t) for HRC SS400 2.0mm*1,250mm*C imported from China, decreasing by VND500,000/t (USD22.9/t) over last week.
Attributing the price decline to the weakening purchase cost, the source informs that export prices of SAE 1006B 2.0mm from Benxi Steel and secondary tier mills in China like Chengde Steel and Xinyu Steel are USD340/t CFR HCM and USD330/t respectively, down by USD5-10/t over last week. Besides, considering Chinese domestic selling prices of HRC showed a downward trend this week, most downstream customers in Vietnam require a further price decline and are inactive in placing orders at the moment, leading to a dim market, which makes the price drop further.
