Import prices for re-rolling-grade hot-rolled coil sold into Vietnam dropped this week after traders lowered their offers amid China's weakening steel market.
Metal Bulletin's assessment of HRC import prices in Southeast Asia - which mainly looks at Chinese 2-3mm SAE1006 HRC and equivalent grades sold into Vietnam - was $630-640 per tonne cfr for the week ended Monday March 12, down $5-10 per tonne from a week earlier.Demand was thin because end-users were waiting out for further price drops in China before deciding whether to buy imports."There were very few bids this week. Many end-users are waiting for prices to drop further before entering buying positions again," a Vietnamese trader said last Friday.Traders had lowered...