Vietnam’s Formosa Hikes HRC Offer by USD 35/MT

Vietnam’s domestic mill – Formosa Ha Tinh has announced its steel prices today.Company has significantly raised HRC offers by USD 35/MT and wire rod offers by USD 25/MT for Mar end or early April shipments.

According to company officials,Formosa’s (HRC SAE 1006 skin pass) has increased by USD 35/MT and is currently assessed around at USD 535/MT CIF Ho Chi Minh City. Last month offers was around USD 490-495/MT CFR basis.

Meanwhile in previous month company has increased HRC (SAE 1006 skin pass) offers by USD 15/MT for February shipments.

Company increases its HRC offers following surge in imported HRC offers from India and China.Post Lunar New Year holidays Chinese HRC export offers moved up USD 20/MT and continued to remain on upside which in turn leads to higher imported HRC offers to Vietnam.

Thus currently imported HRC offers to Vietnam from China is assessed around USD 535-540/MT CFR basis.

Meanwhile few days back Indian steel mill also booked 10,000 MT of HRC with Vietnam at around USD 540/MT CFR basis.

Formosa increases wire rod offers by 25/MT- Company has increased wire rod offers for March-April shipments by around USD 25/MT which is assessed around USD 535/MT CIF basis. Meanwhile last month company’s wire rod offers was around USD 510/MT CIF basis.

Formosa steel sales figures for last month – As per sources, last month, company recorded domestic sales at around 2,60,000 MT of HRC and 70,000 MT HRC in exports to overseas markets.

However for wire rod the sales numbers were around 42,000 MT for domestic market and around 22,000 MT for exports to overseas market.

Imported HRC offers to Vietnam – Week 8, 2019
1.HRC (SAE 1006) 2-3mm/Chinese offer – Benxi Steel is at USD 540/MT CFR Vietnam.

2.HRC (SAE 1006) 2-3mm/Chinese offer – Baosteel Steel is at USD 542/MT CFR Vietnam.

3.HRC (SAE 1006) 2-3mm/Indian offer – Indian Steel mills offering at USD 535-539/MT CFR Vietnam.

4.HRC (SAE 1006) 2-3mm/Korean offer – Hyundai Steel offering at USD 560/MT CFR Vietnam.

5. Currently no active offers from Japanese mills.