Major Vietnamese steel producer Formosa Ha Tinh has announced its new prices for wire rod on May 11, increasing them by $100/mt compared to the previous level last month. The main source of support has come from the recent rise in prices in China.
The new prices from Formosa Ha Tinh to local customers are at $890-895/mt on CFR basis, translating to $880/mt FOB for June-July shipments, SteelOrbis has learned. The producer is focused mainly on local sales at the moment.
The sharp increases in rebar and wire rod prices in China have led to a surge in export prices. For now, Chinese exporters may offer wire rod to foreign customers at $980-1,000/mt FOB, increasing prices by $85/mt on Monday, and some Chinese mills have even started to voice prices at above $1,000/mt FOB.