Vietnam’s domestic steel producer – Formosa Ha Tinh Corporation has released its revised steel offers today.Company has further reduced HRC offers by USD 8/MT in line with lower offers for imported HRC from China combine with dull buying interest prevailing among end users in Vietnam over monsoons.
As per company sources, currently Formosa is offering HRC (skin pass SAE 1006) at USD 602/MT CIF Ho Chi Minh City, less by USD 8/MT M-o-M. Last month company had declined HRC offers by USD 15/MT and was offering at USD 610/MT CIF basis. Chinese HRC export offers have lowered by USD 10/MT, M-o-M.
Meanwhile company has also cut wire rod prices marginally by USD 5/MT which is assessed at USD 585/MT CIF basis. However last month wire rod offers was around at USD 590/MT CIF basis for August shipments.
Formosa’s monthly HRC offers are considered as a benchmark for Vietnamese buyers. Thus domestic HRC prices continued to remain economical and preferable among end users in Vietnam over prompt delivery.
Formosa HRC sales figures for last month – As per sources, in last one month, company recorded domestic sales around 2,64,000 MT of HRC and 50,000 MT HRC for exports in overseas markets.
Current HRC Trades to Vietnam – Week 33,2018
1.HRC (SAE 1006) 2-3mm / Chinese offer – Benxi Iron & Steel mill at USD 600/MT,CFR Vietnam.
2.HRC (SAE 1006) 2-3mm / Chinese offer – Rizhao Steel at USD 600/MT CFR Vietnam.
3.HRC (SAE 1006) 2-3mm / Chinese offer – Magang Steel at USD 595/MT CFR Vietnam.
4.HRC (SAE 1006) 2-3 mm/Indian offer- steel mill at USD 595-605/MT CFR Vietnam.
5.HRC (SAE 1006) 2-3mm / Chinese offer -Baosteel Iron and Steel Ltd at USD 600/MT CFR Vietnam
6.HRC (SAE 1006) 2-3mm / Korean offer – Hyundai Steel Offer at USD 630/MT CFR basis.
7.HRC (SAE 1006) 2-3mm / Japanese offer – JFE Steel offer at USD 615/MT CFR basis.
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