Indian hot-rolled coil import prices continue to fall in Vietnam, Kallanish notes.

Offers for Indian SAE 1006 2mm and upwards HRC offers are $10/tonne lower from last Friday. Traders are offering position cargoes for September shipment at $450/t cfr Vietnam, compared to $460-462/t cfr. Buyers have lowered bids in tandem to $440/t cfr from $448-450/t cfr late last week.

Offers from the Indian mills for October shipments are now prevailing at $460/t cfr Vietnam, whereas Vietnamese importers are bidding at $445/t cfr. Several traders reported hearing a 5,000t cargo of Indian HRC sold last Thursday at around $457/t cfr Vietnam.

One reason for ever-falling Indian steel prices is seasonally weak demand in India and elsewhere. Indian HRC exports would find some support in about 15 to 20 days, an Indian trader says. Indian mills will start looking at Europe to export flat steel then, he says. Indian domestic demand has also been slow for the last two months due to the monsoon season, he adds. Kallanish notes that a credit crunch and weakening automotive and manufacturing sectors have also been weighing on Indian steel demand.

In Vietnam, bids are being invited for SAE 1006 2mm an upwards thickness big-coil from a Russian mill at $465/t cfr. Similar offers from the mill were prevailing at $468-470/t cfr Vietnam ten days ago.

Traders are still offering 2.5mm and upwards thickness HRC from less popular Chinese mills at $460/t cfr, similar to last Friday. An offer from a South Korean mill is now at $480/t cfr compared to $485/t cfr last Friday.