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Hoa Phat cuts domestic HRC in weak market

Vietnam's Hoa Phat Dung Quat has reduced its list prices for domestic sales of hot rolled coils to be delivered in November

Hoa Phat cuts domestic HRC in weak market

Vietnam's Hoa Phat Dung Quat has reduced its list prices for domestic sales of hot rolled coils to be delivered in November.

Unskinned SAE1006 or SS400 grade HRC offers were pegged at around $570/t (CFR Vietnam) equivalent, down around $18/t from last month. The decline in dollar terms is significant due to the depreciation of VND against the dollar.

In terms of VND, it reduced factory prices by 240 VND/kg ($9.80/ton) from a month ago to 13,950 VND/kg CFR Ho Chi Minh City (HCMC). List prices for sales to northern and central Vietnam are currently at VND 13,920/kg, the company announced on Monday. All prices exclude VAT.

Market sources mostly see the price reduction as necessary due to weak demand. "Domestic prices of pre-painted coated steel have fallen continuously, so the demand for hot rolled coil is still weak," said a trader from HCMC. “They [Hoa Phat] maybe lowered the prices because the export market was not good.”

Another HCMC trader thinks the mill's new prices are "good" as they are competitive with China's HRC exports. Chinese common quality HRC was cheaper last week, trading at $530-535/t cfr Vietnam; However, some customers will prefer to purchase from Formosa Ha Tinh or Hoa Phat for certain projects that prefer non-Chinese materials. Chinese-origin SAE 1006 hot rolled coil prices were last around $570/ton CFR Vietnam.

"I don't think the market will change much after the Chinese holiday," said a Hanoi trader. He thinks customers accept Hoa Phat prices because he thinks Chinese factories will return with no change in export prices.

There are also people waiting for China to return from vacation. “The market is still weak at the moment,” says a re-rolling company in HCMC. He notes that most buyers prefer to wait "a few more days" to see what happens after the Chinese holiday.

A regional trader wants to do the same. "The market is full," he says. "We have to see where the Chinese will come after the holidays."

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