Vietnam's hot rolled coil import market experienced a rebound last week following a significant decline in the previous week, as reported by Kallanish. Vietnamese buyers remain cautious due to ongoing price fluctuations. Offer prices for commercial-quality HRC from China increased by $10-15/tonne, aligning with the recovery of the Shanghai Futures Exchange. Current offers for different HRC thicknesses from China stand at $535/t cfr Vietnam for 3-12mm Q235B HRC and $525/t cfr for 3mm base thickness Q195 HRC.

Buyers in Ho Chi Minh City are inclined to consider purchasing Q235 at prices below $530/t cfr. The market saw a low point during the week ending March 15, with deals for Q235B HRC at $520/t cfr and Q195 at approximately $515/t cfr. Despite this, SAE 1006 HRC prices remained stable. The market has quieted down post-rebound, with buyers anticipating lower prices and showing reluctance to engage in recent deals.

According to a regional trader, customers are hesitant due to the price hikes following the futures market rise. Buyers are taking time to adjust to these increases, although some believe that acceptance will come eventually given the previously low price levels. Kallanish assessed SAE grade 2-2.7mm thickness HRC at $565/t cfr Vietnam, marking a slight decrease from the previous week.

Additionally, Formosa Ha Tinh Steel in Vietnam reportedly reduced its domestic HRC prices by $10/t to around $583-590/t cif Vietnam for May/June shipments. Despite this adjustment, buyers find these prices still higher than expected, indicating a cautious market sentiment amidst changing price dynamics.