Vietnam’s domestic integrated steel maker Formosa Ha Tinh has announced revision in its hot-rolled steel prices today for May’20 deliveries. The company has lowered its HRC prices by USD 40/MT following downtrend in imported HRC offers from major exporting nations.
–According to the company’s officials report to SteelMint, revised offer for HRC (SAE 1006, skin pass) is assessed at USD 480/MT CIF Ho Chi Minh for May’20 deliveries which was USD 520/MT CIF for April deliveries.
–Offer for HRC (SAE 1006, non-skin pass) stands at USD 475/MT CIF basis for May deliveries against USD 515/MT CIF basis in previous month
–Also offers for HRC (SS400 & Pipe-making grade) stands at USD 470/MT CIF basis against USD 510/MT CIF basis for Apr’20
— As per data maintained on monthly basis imported HRC offers to Vietnam from China have come down to USD 472/MT CFR basis in beginning of March against USD 500/MT CFR basis in beginning of Feb. In line with this currently Indian HRC offers to Vietnam is around USD 465-470/MT CFR which was around USD 500-505/MT CFR basis in Feb ’20.
— Also corona virus restrictions to curb the spread of virus has impacted the economic activity and shall hurt the market sentiments in Vietnam
. Current imported HRC offers to Vietnam-
— HRC (SAE 1006, 2mm), Japan- Nippon Steel is offering at USD 470/MT CFR basis unchanged over the offers at the beginning of the week.
— HRC (SAE 1006, 2mm), Japan- JFE is offering at USD 470/MT CFR basis, stable against the beginning of the week.
— HRC (SAE 1006, 2mm), Japan- Kobe Steel is offering at USD 465/MT CFR basis.
— HRC (SAE 1006, 2mm), China- Benxi is offering at USD 473/MT CFR basis remain unchanged against the offer stood at the beginning of the week.
— HRC (SAE 1006, 2mm), China- Baosteel is offering at USD 473/MT CFR basis, consistent with the offer at the beginning of the week.
Wire Rod offers down by USD 7/MT- Formosa reduced its merchandise quality- 2 wire rod offers by USD 7/MT and stood at USD 494.6/MT CIF basis which was at USD 500/MT CIF basis for Apr’20 deliveries. Meanwhile merchandise quality- 1 offers stood at USD 504.6/MT CIF basis for May deliveries
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