The long-awaited local HRC prices from major Vietnamese steel producer Formosa Ha Tinh have started to appear in the market on December 15. New prices for February-March shipments are around $60/mt lower than announced last month, almost in line with market players’ expectations.
Formosa Ha Tinh has started to offer re-rolling grade SAE1006 HRC (non-skin passed) in the local market at $820/mt CFR, down by $60/mt from the previous month, while for skin-passed SAE1006 coils the price level is at $885/mt CFR. The comparison is given in dollar prices, while the decline in the local currency is $58/mt over the past month. Prices for SS400 have come to $815/mt CFR. “This time Formosa didn’t make offers public, but started negotiations from customer to customer,” a source said.
The price decline in the local HRC market in Vietnam was more or less expected after the latest drop in import prices. The SteelOrbis reference price has been cut to $790-795/mt CFR, down $10/mt from late last week, after an ex-India deal at the lower end of the range.
