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Vietnam’s Formosa Ha Tinh Steel announces higher HRC prices

[vc_row][vc_column][vc_column_text]Vietnam’s Formosa Ha Tinh Steel announces higher HRC prices

Vietnam’s Formosa Ha Tinh Steel (FHS) has announced a 2.2% increase in its June-shipment prices of hot rolled coil, Kallanish notes. The new prices may not be widely accepted by domestic buyers.

FHS raised the price for new allocations of non-skin-passed SAE 1006 HRC by $20/tonne to $950/t cif Haiphong and $955/t cif Ho Chi Minh City. The mill’s prices of its skin-passed SAE 1006 HRC are at $5/t higher, but for SS400/pipemaking grades at $5/t lower than for non-skin-passed material.

“Formosa has been exporting to the EU at good prices,” a Vietnamese trader says, meaning they are now less focused on the Vietnamese market. He thinks that some domestic buyers cannot fully accept the new prices. Another source says the new prices are “reasonable for re-rollers which have export orders [for coated steel]. The pipe market is slow, so pipemakers cannot follow these new prices and so they will buy from China.”

A Chinese trader says the Vietnamese mill’s new prices are lower than its export prices, but higher than domestic buyers’ target prices. “Buyers were hoping for $900-910/t cif,” he observes.

Meanwhile, Vietnam’s import market for Chinese HRC has corrected downwards since early April. A popular Chinese mill’s offer for SAE 1006 2-2.5mm thickness HRC is pegged at $915/t cfr, while 2mm SAE 1006 HRC from a Tier I Chinese mill has slipped to $925/t cfr Vietnam. Bookings from the same Tier I Chinese mill took place on 1 April at $938/t cfr Vietnam. Offers for 2mm upwards SAE 1006 HRC from other Chinese mills are at around $910/t cfr Vietnam.

“Global buying has slowed, so it is harder to export now. There are less trades and importers are not in a hurry to book,” a Chinese trader says. HRC prices are falling in all markets, another trader notes. Deals for Chinese-origin 3-12mm thickness SS400 HRC are taking place at $855-860/t cfr Vietnam. Transactions peaked at $885/t cfr Vietnam during the week ending 1 April.

Kallanish assessed SAE 2-2.7mm thickness HRC at $910/t cfr Vietnam, down $10/t on-week.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_btn title=”About LMM GROUP” link=”url:https%3A%2F%2Fwww.lmmgroupcn.com%2Fabout-lmm%2F|target:_blank”][vc_column_text css=”.vc_custom_1649296177864{margin-top: 50px !important;}”]friendship Link:

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