On July 12, Vietnamese steel producer Formosa Ha Tinh announced new local prices HRC for September deliveries at a level $65/mt below last month’s prices, as import HRC prices are on the wane, while demand is much lower at the moment in Vietnam due to falling consumption amid bad weather conditions.
Formosa Ha Tinh’s prices for re-rolling grade SAE1006 HRC (non skin-passed) to local customers have been voiced at $655/mt CFR, down by $65/mt from the previous month, while for skin-passed SAE1006 coils the price level has dropped to around $660/mt CFR. The decision to cut prices came after yet another drop in import HRC prices, from China in particular.
Prices of imported HRC have shown a rapid fall this week. Accordingly, the prices available for ex-China position SAE1006 HRC are as low as $655-670/mt CFR Vietnam, compared to $670-680/mt CFR last week. Besides, offers for ex-China SS400 HRC have been reported at $630-640/mt CFR, down by $10-20/mt over the past week. Meanwhile, offers for Indian boron-added materials have been heard at $660-670/mt CFR, down by $5/mt week on week.
The SteelOrbis’ reference prices for imported SAE1006 HRC has moved to $655-660/mt CFR, down by $10-20/mt over the past week.
