Indian-origin hot rolled coil is currently the most competitive import source in Vietnam, Kallanish notes. The low priced cargoes are attributed to Chinese and international traders releasing position cargoes.

An order for 30,000 tonnes of 2mm and up thickness SAE 1006 rerolling-grade HRC from India, for July shipment, was booked at $513/tonne cfr Vietnam on Monday. Last Saturday, SAE 1006 HRC from another Indian mill was ordered at $510/t cfr Vietnam. Traders are still offering position cargoes for this mill at $513/t cfr with the possibiity of conceding the same price of $510/t cfr, Vietnamese trading sources report.

Indian mills are currently aiming to export August shipments at $520/t cfr Vietnam, a regional trader says. He notes that the traders’ position cargoes are for end-July or early August deliveries. He believed that the traders involved would suffer losses. Another trader heard that the traders involved had previously pre-sold cargoes at $490-500/t cfr Vietnam and those positions would have incurred losses.

Suppliers are inviting bids for SAE 1006 2mm base HRC from a Chinese Tier 1 mill at $520/t cfr Vietnam, down from the existing offer at $525/t cfr. But Vietnamese buyers are not keen to give bids because Indian HRC is cheaper, a local trader says Wednesday. Last Friday, Kallanish assessed 2-2.8mm SAE1006 HRC at $515-520/t cfr Vietnam.