On October 14, Vietnamese steel producer Formosa Ha Tinh Steel has announced new local HRC prices for December deliveries at a level $17/mt below last month’s prices, as import HRC prices are on the wane, while the recovery of demand is slower than it was previously expected in Vietnam.
Formosa Ha Tinh’s prices for re-rolling grade SAE1006 HRC (non skin-passed) to local customers have been voiced at $593/mt CFR, down by $17/mt from the previous month, while for skin-passed SAE1006 coils the price level has dropped to around $600-605/mt CFR. The decision to cut prices came after yet another drop in import HRC prices, especially from China.
Prices of imported HRC have shown a new fall this week following the Chinese suppliers’ return from a long holiday. Accordingly, the prices available for ex-China position SAE1006 HRC are as low as $575-585/mt CFR Vietnam, down by $5/mt week on week. At the same time, more bookings for ex-China SS400 HRC have been reported in Vietnam this week at $550-560/mt CFR, following numerous deals signed at $565-570/mt CFR two weeks ago.
Meanwhile, offers from Japanese suppliers have been voiced at around $580-590/mt CFR Vietnam, compared to deal prices at $587-595/mt CFR last week. Offers from India have been limited in Vietnam this week, with the indicative price for boron-added HRC standing at $590/mt CFR, compared to $590-610/mt CFR last week.
The SteelOrbis’ reference price for import SAE1006 HRC has moved to $575-590/mt CFR, down by $5/mt from the lower end of range week on week, given the bearish mood of most foreign suppliers, especially those from China.