Formosa Ha Tinh – Vietnam’s largest domestic steel mill – has announced a hike of $10/t in its domestic HRC offers for Sep’20 deliveries. It is the second, consecutive monthly price hike announced by the manufacturer.
Last month the company had raised HRC offers by $25/t and wire rod offers by $10/t following an increase in imported HRC offers from major exporting nations.
Formosa’s prices are influential in determining the acceptable level of CFR Vietnam prices as they are the largest supplier of HRC in the Vietnam market.
Current offers
- HRC (SAE 1006, skin pass) stands at a $465/t CIF basis. Last offer was at $455/t CIF basis.
- HRC (non-skin pass) offers are at $460/t CIF basis against last offer was at $ 450/t CIF basis.
The increase in the imported HRC offers from major exporting nations such as India, South Korea, and Japan resulted in a hike in domestic offers.
Chinese and Indian origin HRC offers for Vietnam have increased by around $25/t in the last one month.China’s Baosteel has made fresh offers of HRC at $480/t CFR Vietnam this week.
Current imported HRC (SAE 1006, 2mm) offers
Source :SteelMint Research
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