The Vietnamese hot rolled coil market rose slightly last week, Kallanish understands. Availability of HRC stocks or arrivals continue to dampen buying sentiment and buyers continue to bid at under supplier’s prices.

A reroller was heard to have ordered 10,000 tonnes of SAE 2-2.5mm thickness rerolling grade SAE 1006 HRC from a leading Chinese mill at $580/tonne cfr Vietnam. This material recently arrived at Ho Chi Minh City port and market sources believe the trader involved incurred losses because it was booked at above $580/t cfr .

Offers for similar grade and thickness HRC from the same Chinese mill for March shipment are prevailing at $585/t cfr but buyers are only bidding at $575/t cfr, says a trader. Another says that buyers are now paying up to $580/t cfr.

A lower-tier mill from China was offering its 2-2.5mm thickness SAE 1006 HRC for March shipment at $578/t cfr last week, but traders say there are no takers. The market sentiment is weak because position cargoes are arriving, a Vietnamese trader says. He has heard of a 1,000t February-shipment postition cargo of HRC from the leading mill confirmed last Thursday at $572/t cfr.

Meanwhile, traders say that they are dealing in hot rolled narrow strip because prices have been falling amid weakened billet in China. Sources say that recent deals for hot rolled Q195 2.5mm thick strip took place early last week at $550/tonne cfr Ho Chi Minh port, compared to a previous booking at $557/t cfr a week earlier.

Kallanish’s weekly assessment for SAE 1006 grade 2-2.7mm thick HRC was widened to $575-580/t cfr Vietnam, up from $575-578/t cfr on 12 January.