7.2 SMM Global Steel Daily Report
[Vietnam] Vietnam HRC centre falls under low-priced imports and weak demand
Offers for 2mm SS400 and SAE1006 coil into Vietnam held at 540-550 USD/tonne CFR. Hoa Phat cut prices sharply this month,
largely due to fierce low-priced import competition, plunging 34 USD/tonne from the prior month to 550-551 USD/tonne (delivered
domestic port), which the market is now digesting. Vietnamese HRC is expected to stay under pressure near term.
[India] Alang breaking scrap steady, finished-steel demand weak
Indian Alang HMS (80:20) breaking scrap held at about 400 USD/tonne EXW. In Gujarat's Bhavnagar, billet fell to about 480
USD/tonne DAP and rebar held at about 539 USD/tonne EXW; in north India's Mandi, billet slipped to about 502 USD/tonne DAP,
rebar eased to about 558 USD/tonne EXW, and HMS scrap dipped to about 413 USD/tonne DAP. With weak downstream demand
and need-based mill buying, scrap prices may stay soft near term.