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Vietnam's Formosa May Release Fresh HRC Offers Next Week - Sources

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BigMint Bureau

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8 Mar 2018, 11:45 IST

Vietnam's Formosa May Release Fresh HRC Offers Next Week - Sources

SteelMint learned from market participants that Vietnam based steel mill- Formosa Ha Tinh may release fresh HRC offers next week and is currently observing the imported offers of HRC from major exporting nations.

Prior to this, Formosa Ha Tinh had announced its HRC offers towards the end of Jan'18 which stood at USD 578/MT CFR Ho Chi Minh City. Beginning of Jan'18, the steel mill was offering HRC at USD 573/MT, CFR. These offers resulted to subdued buying for Chinese material among local buyers since domestic material was cost effective compared to imported cargoes.

Imported prices of HRC to Vietnam have increased by USD 10/MT from China this week which are heard at USD 635-645/MT CFR Vietnam.However surge in prices lead to slow buying among end users in Vietnam.

Thus,buyers in Vietnam are waiting for the domestic flat steel producer Formosa to start offering fresh HRC offers at competitive prices.

Formosa Hoa Tinh is having an annual capacity of 3.5 MnT. Within a year, the company is set to open second blast furnace, doubling its crude steel making capacity to 7 MnT.

The second blast furnace is expected to become operational in May-June 2018 and this will allow company's plant to produce 5.2 MnT of flat steel, primarily hot-rolled coil and hot-rolled band.