The second largest HRC producer in Vietnam, Hoa Phat Group, announced its new local prices for HRC for deliveries in February-March on December 16, hiking them by slightly over $50/mt just a day after Formosa Ha Tinh hike. The new prices of the company are just slightly below those from Formosa, but they are lower than most import offers nowadays. “Many steelmakers were in loss, so the price increase in the market was awaited,” a local source said. Mark sources believe that Vietnamese HRC customers will focus on local sourcing in the near future.
The new prices from Hoa Phat Group for SAE1006 and SS400 HRC for shipment in February-March have increased to VND 14,080-14,160/mt ($597-600/mt) CIF depending on the sales region from north to south. The dollar price equivalent is $55-57/mt above that seen in November.
Prices for HRC from Hoa Phat are slightly better than Formosa’s $605-610/mt CFR, but the overall allocation of the producer is still limited after stoppage of 5 blast furnaces since November.
Offer prices for SAE1006 HRC from China have reached at least $610-620/mt CFR this week and the last deals for import materials have been reported for small volumes at $600/mt CFR.
