The Vietnamese rerolling hot rolled coil import market continues to be quiet with hardly any trading taking place, Kallanish notes. Demand remains depressed and buyers continue to press for low prices.

Some trading sources report hearing Japanese 2mm base thickness SAE 1006 HRC offered at $510-512/tonne cfr Vietnam. “Some say there are deals at $500-505/t cfr, but I think that deals would likely be at around $505/t,” a Hanoi trader says. Low-priced Japanese HRC has been appearing in export markets mainly due to its restricted EU market access. "Japan is very aggressive. Their HRC prices are becoming similar to China's," the trader adds.

Indonesian 3mm base thickness SAE1006/SS400 grade HRC is officially offered at $498/t fob, unchanged from the week before. This would be equivalent to around $518/t cfr Vietnam and the Indonesian mill charges a $10/t extra for 2mm thickness material.

As local Vietnamese producers can supply 2-3mm thickness HRC at this same price level, there are no takers, local trading sources note. A trader thinks buyers may want to pay $500/t cfr at the most for Indonesian HRC.

Kallanish assessed SAE grade 2-2.7mm thickness HRC at $505/t cfr Vietnam, down $2.5 on-week.

“We are not in a hurry to sell [to Vietnam] because we can sell to the EU,” a source close to the Indonesian mill observes. ASEAN mills continue to make inroads in EU markets with sales of SAE 1006/SS400 HRC. In the week through 25 April, a Vietnamese mill is heard to have sold material at $598/t cfr Europe and the above-mentioned Indonesian mill at $585/t cfr.