Vietnam’s domestic mill – Formosa Ha Tinh has lowered billet offers for February shipment. Latest billet offers for 150*150mm are assessed at USD 414.4 CIF Vietnam to north Vietnam and USD 419.6/MT, CIF to south Vietnam.
On monthly premises, offers have come down by around USD 30/MT.
If reports are to be believed after reduction in billet offers of Formosa, offers have turned competitive compared to billet offers from other international mills.
Global billet market continues to remain bearish amid limited buying interest and falling scrap prices. Billet export offers from CIS nations is assessed around USD 420-425/MT, FoB Black Sea. Billet offers from Iran also went down by USD 10/MT W-o-W to USD 390-395/MT, FoB Iran.
Buying interest for SE Asian billets at USD 450/MT, CFR SE Asia from CIS nations.
Competitive billet offers of Formosa had sharply reduced buying interest of imported scrap last month.
Vietnam’s domestic producer Formosa Ha Tinh Corporation (FHS) which holds the annual capacity of 3.5 MnT started its second blast furnace in May’18, doubling its crude steel making capacity to 7 MnT.
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