MMi Daily Iron Ore Report (July 7)

[Vietnam] ASEAN hot-rolled coil (HRC) import offers ticked down to 535 USD/tonne CFR this week, with overall regional trading activity remaining deeply subdued in the thick of the seasonal doldrums. Facing an intersection of weak end-user demand and competitive import alternatives, local producers in Vietnam have been forced to lower their quotes to stimulate sales. However, as the substantial price reductions by the two major domestic mills last week were widely anticipated and import offers from international traders continue to hold a price advantage, local buyers showed little urgency to restock and largely maintain a strict wait-and-see stance. Notably, only isolated Indian HRC deals were reported closed at 525 USD/tonne CFR recently. Overall, given the reality of high regional inventory levels and sluggish downstream consumption, flat steel prices in Vietnam and neighboring nations will continue to face near-term headwinds.