The long-awaited localHRCprices from major Vietnamese steel producerFormosa Ha Tinhhave started to appear in the market on December 15. New prices for February-March shipments are around $60/mt lower than announced last month, almost in line with market players’ expectations.
Formosa Ha Tinhhas started to offer re-rolling grade SAE1006HRC(non-skin passed) in the local market at $820/mt CFR, down by $60/mt from the previous month, while for skin-passed SAE1006 coils the price level is at $885/mt CFR. The comparison is given in dollar prices, while the decline in the local currency is $58/mt over the past month. Prices for SS400 have come to $815/mt CFR. “This time Formosa didn’t make offers public, but started negotiations from customer to customer,” a source said.
The price decline in the localHRCmarket inVietnamwas more or less expected after the latest drop in import prices. The SteelOrbis reference price has been cut to $790-795/mt CFR, down $10/mt from late last week, after an ex-India deal at the lower end of the range.