Vietnam: Formosa Slashes HRC Prices by USD 25/MT for July

Vietnam's domestic steel producer - Formosa Ha Tinh has announced its monthly revision in its steel prices. The company has reduced its HRC offers sharply by USD 25/MT for July end - Aug shipments.

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

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

Formosa Ha Tinh lowered HRC offers to Vietnam following continual decline in imported HRC offers from China and India.

Also amply supply of imported material in Vietnam market coupled with bearish market sentiments lead to a decline in HRC offers from Formosa.

Current offers of imported HRC from Chinese steel mills is around USD 495-505/MT CFR basis. Meanwhile, Indian mills are offering HRC at around USD 500/MT CFR Vietnam.

As per data maintained with SteelMint imported HRC (SAE 1006,2-3MM) from China plunged by USD 40-45/MT on monthly basis in Jun'19 to USD 500/MT CFR which was around USD 543-545/MT CFR basis in the month of May'19.

Formosa Steel Prices for July- Aug '19 Shipments

Source: SteelMint Research