Vietnam's steel trade slowed down with currency soften

Published: 27 Nov 2009 00:15:49 PST

November 27 MetalBiz--State Bank of Vietnam claimed recently that VND may depreciate to curb inflation.

VDN devaluation as well as loan restriction of Central Banks will significantly hinder Vietnam’s steel trade. Some traders are reluctant to sell HRC at current price, and they mainly engage in importing HRC to make up for the rising cost of the inventory. Presently traders enough cash in hand plan to replenish inventory before the cost increase.

The latest offer of HRC exported to Vietnam is U.S. $ 530-560 per ton, up U.S. $60 per ton over the U.S.$ 500-520 last week, and the HRC products are mainly produced in China and China’s Taiwan. However, with the sluggish demand in Vietnam, the transaction is few at this price.