Vietnam's Formosa Hikes HRC Price by USD 25 for September

Vietnam’s domestic steel producer - Formosa Ha Tinh has today announced its monthly revision in its steel prices. The company has raised its HRC offers sharply by USD 25/MT for Sept shipments.

According to sources, revised offers for HRC (SAE 1006 skin pass) is assessed around at USD 541/MT CIF Ho Chi Minh city against last month’s offer of USD 516/MT CIF basis.

Meanwhile, offers for HRC of (non-skin pass) stood at USD 536/MT, CIF basis. Last month the company was offering the same grade at USD 511/MT CIF basis.

Current offers of imported HRC from Chinese steel mills is around USD 505-515/MT CFR basis. Meanwhile, Indian mills are offering HRC at around USD 510-515/MT CFR Vietnam.

Imported HRC offers to Vietnam from China increased to USD 525-530/MT, CFR basis towards beginning of Jul'19, up by USD 20-25/MT against offers in mid June'19.

Last month the company announced reduction in sales volumes of finished steel towards the end of Jun’19 in order to prevent further losses amid higher raw material cost. This led Vietnam based mills to procure HRC from Chinese and Indian mills. Towards beginning of July, Indian steelmakers were actively exploring export options and had collectively booked around 150,000 MT of HRC majorly to Vietnam for July-Aug shipments, SteelMint learned from market sources.