Vietnamese steel producer Formosa Ha Tinh has announced its local price list for November shipment, in which its prices for mesh-quality wire rod have been cut by $14/mt to $516/mt CFR, SteelOrbis has been informed. The decline is almost the same as last month, when the producer cut its offers by $15/mt.
Offers for imported wire rod ex-China have been heard at above $500/mt CFR in Vietnam.
Though prices have been going down continuously, the situation in the long steel market is still better than in the flats segment. Due to high import pressure, Formosa Ha Tinh has had to cut its local HRC prices by $51/mt for November shipment.