6.12 SMM Global Steel Daily Report

[Vietnam] Dragged down by sluggish trading, ASEAN hot-rolled coil (HRC) import prices fell to 550 USD/tonne CFR, with some Indian sellers proactively conceding margins and lowering their HRC offers to 545 USD/tonne CFR Vietnam. However, due to weak expectations and extremely low purchasing intent among Vietnamese buyers, this price reduction still failed to attract any substantial buying interest.

[Billet] Today, export billet quotations remained stable. Currently, mill quotes were on the high side, generally above $470/mt, while market tradable prices were mostly at $465-467/mt. Steel mills had a strong willingness to hold prices firm due to cost considerations, making it quite difficult to close export billet orders. [Rebar] Today, rebar export FOB quotations were basically stable. According to market feedback, recently, some steel mills, due to maintenance of blast furnaces and associated construction steel rolling lines, controlled the pace of taking rebar export orders. Meanwhile, wait-and-see sentiment among overseas clients was strong, leading to a noticeable shrinkage in overall export rebar orders. [Sheets & Plates] Today, export prices of HRC and other sheets & plates edged down day-on-day but held steady, with HRC transactions at $492-501/mt. Recently, due to declines in domestic futures and adjustments in the yuan exchange rate, some distant countries began to increase inquiry and purchasing demand. In terms of semi-finished products, short-term inquiry and purchasing willingness was low due to high domestic prices and the fact that overseas buyers had already made a certain amount of purchases earlier.