According to market sources, Vietnamese producer Formosa Ha Tinh has reduced its domestic hot rolled coil (HRC) offers by $25/mt for August shipment. As a result, the mill’s offers for SAE1006 grade skin-passed HRC are now at $516/mt CIF, with offers for HRC which has not been skin-passed at $511/mt CIF, SS400 grade HRC offers and pipe making HRC offers standing at $506/mt CIF. Additionally, Formosa Ha Tinh’s domestic offers for SPHT3, S235JR, SG255 and SS490 grade HRC are all at $536/mt CIF. The price levels in question are reported to be valid until noon on June 21.
On the other hand, import SAE1006 HRC offers to Vietnam are currently in the range of $495-505/mt CFR, while negotiations for $490-495/mt CFR are still ongoing. Since Turkey’s HRC offers to Vietnam have increased to $520-530/mt FOB due to higher iron ore quotations, Turkish HRC has no price advantage in Vietnam.