Vietnamese HRC traders watching the market
2023-03-16 08:17:45 [Print]
BEIJING (Asian Metal) 16 Mar 23 - After the slight price markup of around VND200,000/t (USD8/t) early this week, HRC traders in Vietnam maintained prices flat on Wednesday, with wait-and-see attitudes towards the market prospect. Presently, the prevailing prices of HRC SS400 5.0mm*1,250mm*C hover at VND16,700,000-17,200,000/t (USD708-729/t) D/P in warehouse Hanoi, similar to Tuesday. Insiders foresee stable prices of HRC in the following several days upon the watchful atmosphere in the market.
"The demand from downstream industries remains weak under the unpromising economy. Though suppliers from China keep raising export prices with the markup of USD5-10/t this week after the rise of around USD20/t in the past week, we remain cautious about purchasing now dragged by the poor sales performance in the domestic market. We did not close any deals at VND16,800,000/t (USD713/t) when offering VND16,900,000/t (USD717/t) for HRC SS400 5.0mm*1,250mm*C on Wednesday, and last sold 300t at VND16,600,000/t (USD704/t) on Monday," noted a local trader. Supported by the rising prices from steel mills both at home and abroad, he refuses to move prices down and prefers to maintain prices flat to watch the market. The trader predicts stable prices of HRC in the coming several days given the slow market but the rising prices from steel mills.
The trader might sell 14,000t in March, down from 20,000t in February. Based on the typical monthly sales volume of 20,000t, the trader estimates that the sales volume would achieve 44,000t in the first quarter of 2023, against 240,000t or so in 2022. He does not hold any stock right now.
Adopting wait-and-see attitude towards the market prospect, another local trader also keeps prices flat, quoting VND16,800,000/t (USD713/t) without concession for HRC SS400 5.0mm*1,250mm*C at present. "Banks remain cautious about lending and the tight capital flow restrains end users' purchasing activities. Besides, as most traders kept active in supplementing inventories in February boosted by the upward price trend, the current stocks remain high. However, steel mills both at home and abroad lift prices actively stimulated by the booming exports to Europe and the USA," explained the trader, who sold around 900t of the material at VND16,800,000/t (USD713/t) on Wednesday. Taking the rising prices in China but the slow market locally into consideration, the trader believes prices of HRC might keep stable in the upcoming several days.
With approximately 16,000t of inventories, the trader estimates that the sales volume would reach 22,000t in March, identical to February. Reporting the regular sales volume of 25,000tpm, the trader recorded the sales volume of around 300,000t in 2022 and might sell 66,000t in the first quarter of 2023.
"The demand from downstream industries remains weak under the unpromising economy. Though suppliers from China keep raising export prices with the markup of USD5-10/t this week after the rise of around USD20/t in the past week, we remain cautious about purchasing now dragged by the poor sales performance in the domestic market. We did not close any deals at VND16,800,000/t (USD713/t) when offering VND16,900,000/t (USD717/t) for HRC SS400 5.0mm*1,250mm*C on Wednesday, and last sold 300t at VND16,600,000/t (USD704/t) on Monday," noted a local trader. Supported by the rising prices from steel mills both at home and abroad, he refuses to move prices down and prefers to maintain prices flat to watch the market. The trader predicts stable prices of HRC in the coming several days given the slow market but the rising prices from steel mills.
The trader might sell 14,000t in March, down from 20,000t in February. Based on the typical monthly sales volume of 20,000t, the trader estimates that the sales volume would achieve 44,000t in the first quarter of 2023, against 240,000t or so in 2022. He does not hold any stock right now.
Adopting wait-and-see attitude towards the market prospect, another local trader also keeps prices flat, quoting VND16,800,000/t (USD713/t) without concession for HRC SS400 5.0mm*1,250mm*C at present. "Banks remain cautious about lending and the tight capital flow restrains end users' purchasing activities. Besides, as most traders kept active in supplementing inventories in February boosted by the upward price trend, the current stocks remain high. However, steel mills both at home and abroad lift prices actively stimulated by the booming exports to Europe and the USA," explained the trader, who sold around 900t of the material at VND16,800,000/t (USD713/t) on Wednesday. Taking the rising prices in China but the slow market locally into consideration, the trader believes prices of HRC might keep stable in the upcoming several days.
With approximately 16,000t of inventories, the trader estimates that the sales volume would reach 22,000t in March, identical to February. Reporting the regular sales volume of 25,000tpm, the trader recorded the sales volume of around 300,000t in 2022 and might sell 66,000t in the first quarter of 2023.
