8.14 SMM Global Steel Daily Report
[Vietnam]Steel market holds steady ahead of policy decisions
Vietnam's steel market traded sideways, with participants staying on the sidelines ahead of further policy decisions. Construction steel held at about 531 USD/tonne EXW and HRC
at about 515-522 USD/tonne CFR Ho Chi Minh City, with cautious buying sentiment keeping price movement limited. Participants are watching the exchange rate closely. The
market is also waiting for the Vietnamese government's final decision on a new tax scheme covering mineral products including iron ore. Until the currency and tax policy become
clearer, both buyers and sellers are expected to remain cautious, leaving little room for sharp price moves in the near term.
[Indonesia]Indonesian HRC prices hold steady with no change
Wire rod and billet prices edged up, but HRC held flat at around 510 USD/tonne FOB. This is mainly attributable to insufficient enquiries and weak overall demand, with buyers
turning instead to more competitively priced alternative sources such as India, China and Vietnam. Despite this pressure, Indonesian mills remain unwilling to cut offers further,
constrained by persistently high production and other related costs.
[India]Supply adjustments support HRC and long products as Indian steel prices strengthen
Indian steel prices rose, with the domestic ferrous scrap index up 2 USD/tonne (200 Indian rupees/tonne) day on day. Billet in Mandi Gobindgarh rose 3 USD/tonne (250 Indian
rupees/tonne) to 445 USD/tonne (42,500 Indian rupees/tonne), and 12 mm rebar rose 3 USD/tonne (300 Indian rupees/tonne) to 495 USD/tonne (47,200 Indian
rupees/tonne). Raipur billet rose to 404 USD/tonne (38,600 Indian rupees/tonne) and rebar to 425 USD/tonne (40,600 Indian rupees/tonne). Supported by supply adjustments
at major mills, domestic Indian HRC prices rose by about 1-8 USD/tonne (100-800 Indian rupees/tonne) week on week