Vietnam: Formosa Delays Fresh HRC Offers on Market Uncertainty
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Vietnam based domestic steelmaker, Formosa Ha Tinh has postponed its HRC pricing announcement for May'20 until next week due to extended lock-down announced in the country till 22nd April'20 to fight against COVID-19.
-- "Currently it's hard to make the decision now and we are planning to announce prices next week, shared company officials.
--Meanwhile, Indian mills have increased their HRC export offers by around USD 5-10/MT, and are offering at USD 400-405/MT CFR basis amid tight supplies of low priced imports from Russia and cutting down the production by overseas steel mills.
"The steel market in Vietnam is now getting better, and the customers have started to purchase," shared by market participants in Vietnam
--Also, SteelMint learned from its sources that, last month, the company had booked around 4,00,000 MT of slabs at around USD 340/MT CFR basis. However, currently, slabs prices have inched up slightly. Thus, the company is not offering currently and has delayed the announcement.
Current imported HRC trades to Vietnam
-- Confirmed trade deal heard of around 8,000-10,000 MT of HRC was booked by the Chinese steel mill, Baosteel at USD 408/MT CFR basis for June shipments.
-- An Indian private steel manufacturer based in western India had booked a small parcel of HRC ( mixed of SS 400 & SAE1006) to Vietnam based Hoaphat at USD 405/MT CFR basis.
--Another Indian steel mill booked 10,000 MT HRC at USD 402-405/MT CFR basis to Vietnam for June shipments.
-- At the beginning of this week a confirmed trade deal heard of around 30,000 MT of HRC was booked by Indian steel mill via traders at USD 390/MT CFR basis for June shipments.
- Japanese based Nippon steel also booked 10,000 MT of HRC this week at USD 420/MT CFR basis.
--HRC (SAE 1006, 2mm), China- mill-to-mill basis the offer continues to hover between USD 410-425/MT CFR basis.
-- HRC (SAE 1006, 2mm), South Korea-Hyundai Steel's offer continues to hover at USD 420/MT CFR basis.
-- HRC (SAE 1006, 2mm), Russia- Severstal is offering at USD 368-370/MT CFR basis.
