Vietnam: Formosa Ha Tinh Cuts HRC Offer

Vietnam’s domestic steel producer – Formosa Ha Tinh has announced revision in its steel prices today. The company reduced its HRC offers (skin pass) sharply by USD 15/MT for June end -July shipments.

According to sources, offers for HRC (SAE 1006 skin pass) is currently assessed around at USD 541/MT CIF Ho Chi Minh City against last month’s offer of USD 556/MT CIF basis.

Meanwhile offers for HRC of (SS400 grade) stood at USD 526/MT,CIF basis. Last month company was offering the same grade at USD 551/MT CIF basis.

Increased trade tensions between USA and China along with cheaper HRC offers from Turkey and CIS led to correction in HRC offers to Vietnam .Thus end users in Vietnam are trying to secure more cargoes at cheaper prices.

Current offers from Indian and Chinese steel mills is around USD 530-535/MT CFR basis. However offers from Russian mills are offering imported HRC on lower side which is around USD 515-520/MT CFR basis.

Current HRC trades to Vietnam – Week 20, 2019
1.HRC (SAE 1006) 2-3mm/Chinese offer – Baosteel Steel is at USD 535/MT CFR Vietnam. In the beginning of the week offers stood around USD 545/MT CFR basis.

2.HRC (SAE 1006) 2-3mm/Chinese offer – Magang Steel is at USD 530/MT CFR Vietnam. In the beginning of the week offers were at USD 535/MT CFR basis.

3.HRC (SAE 1006) 2-3mm/Chinese offer – Angang Steel is at USD 525/MT CFR Vietnam.

4.HRC (SAE 1006) 2-3mm/Indian offer – JSW Steel is at USD 530-532/MT CFR Vietnam. In the beginning of the week offers were at USD 542-545/MT CFR basis.

5.HRC (SAE 1006) 2-3mm /Russian offer – Severstal is at USD 515/MT CFR Vietnam .In the beginning of the week MMK offers for HRC was around USD 520/MT CFR basis.

6.HRC (SAE 1006) 2-3mm/Chinese offer – Hyundai Steel is at USD 525-530/MT CFR Vietnam. In the beginning of the week offers stood around USD 560/MT CFR basis.

Formosa Steel Prices for Jun-July’19 Shipments

Source- SteelMint Research