Vietnamese Hoa Phat achieved good hot coil sales. Vietnam's Hoa Phat stated that Dung Quat has managed to achieve good sales in domestic hot rolled coil allocations. Hoa Phat's competitive pricing and VND's weakness against the dollar contributed to the mill's sales recovery despite weakening demand for HRC.
On October 2, the company announced the SAE1006 or SS400 grade HRC price for November delivery at approximately $570/ton CFR Vietnam equivalent.
A source close to the company said Hoa Phat was clearly fully booked in terms of HRC production for November delivery, but there was still material available for customers looking to increase their orders.
He added that buyers may have decided to buy more products from the domestic facility because Chinese suppliers were not in the market during the holiday period last week, according to officials.
The holiday in China and its surroundings ended on Monday, October 9. On the other hand, Hoa Phat reached sales of approximately 260,000 tons in this round. This accounts for more than 90% of the order.
A Saigon trader in Ho Chi Minh City said that since the Chinese steel futures market was suspended due to the holiday, Chinese HRC offers are the same as before the holiday.
He is hearing many offers for Chinese Q195 HRC at around $530/t CFR, but the trader is unaware of any bookings made. It is heard that Chinese origin Q235 HRC is still being offered at $538-540/ton CFR Vietnam.
2-2.5 mm thick SAE 1006 HRC from China was being offered at $570/ton CFR before the holiday. Kallanish valued SAE grade 2-2.7 mm thick HRC at $565-570/ton CFR Vietnam, unchanged on a weekly basis.
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