Vietnam’s Formosa hikes local HRC price for March by $65/mt to over $700/mt

Friday, 08 January 2021 15:44:37 (GMT+3)   |   Istanbul
       

Vietnamese steel producer Formosa Ha Tinh has announced an increase of $65/mt month on month in its local HRC price for March deliveries, supported by the strong market trend in the import segment during most of December. Though lower-priced HRC offers from Chinese traders for position cargoes started to emerge in the market last week and have also been seen this week, most foreign mills, including those in China, have been asking for much above $700/mt CFR in Vietnam, and this has supported the latest move by Formosa.

Formosa Ha Tinh (FHS) has issued its offers for re-rolling grade HRC to local customers at $720-725/mt CFR on average for March shipment, up by $65/mt from last month, SteelOrbis has learned. Prices for SS400 grade HRC for pipe makers are at around $720/mt CFR or slightly below by $3-5/mt.

Before the local HRC price announcement this week, a deal for SAE1006 HRC from India was heard at $720/mt CFR, while most Chinese mills’ offers have been also at $725-730/mt FOB for the same grade and at $720/mt CFR for SS400 grade HRC.

The SteelOrbis reference price for imported HRC in Vietnam has been at $695-700/mt CFR, as it is an average between the latest deal price level from Chinese traders ($675-680/mt CFR) and mills’ sales to Vietnam.


Similar articles

US sheet steel prices still declining ahead of holiday weekend

01 Jul | Flats and Slab

Global View on HRC: Prices still falling in all regions except China, Indian exporters most active

01 Jul | Flats and Slab

Indian HRC export prices drop by $50/mt this week, resulting in some deals

01 Jul | Flats and Slab

Local HRC prices in EU keep dropping, import prices follow suit

01 Jul | Flats and Slab

Chinese domestic PPGI prices move sideways

01 Jul | Flats and Slab

Shagang Group cuts local HRC prices by $90/mt for July

01 Jul | Flats and Slab

US HRC imports up 11.4 percent in May

30 Jun | Steel News

Ex-China HDG prices drop further, though local market posts slight rises

30 Jun | Flats and Slab

Retail sheet prices fall further in Turkey as traders seek to minimize stocks

30 Jun | Flats and Slab

Flats prices fall again in Romania amid low demand, bearish mood

30 Jun | Flats and Slab