Major Vietnamese steel producer Formosa Ha Tinh has rolled over its prices for wire rod on June 11, following an increase of $100/mt last month. Though prices for Chinese wire rod have moved down recently, high raw material prices have resulted in the stabilization of wire rod prices in Vietnam.
Prices for wire rod from Formosa Ha Tinh to local customers for July-August shipments have remained at the level of $880/mt FOB, translating up to $895/mt CFR, SteelOrbis has learned. The producer is still focused mainly on local sales.
Offers for ex-China wire rod have come down to $850-870/mt FOB on June 11, dropping sharply from $980-1,000/mt FOB on May 11. Prices from China increased too rapidly in May and have returned to “more reasonable levels” now, according to market sources.