Vietnam's Formosa Sharply Cuts HRC Offers Following Plunge in Chinese Prices
Vietnam’s domestic mill - Formosa Ha Tinh has announced another sharp price cut today. It has reduced HRC prices by USD 50/MT and for wire rod by USD 60/MT for February’19 compared to last month.
Vietnam's domestic steel producer - Formosa Ha Tinh Corporation has today announced its monthly HRC offers for Feb’19 shipments.The company has slashed HRC offers by USD 50-55/MT and Wire Rod by USD 60/MT on monthly basis amid downtrend in steel prices from major exporting nations.
According to company officials,currently Formosa’s HRC SAE 1006 offers with skin pass is assessed at USD 480/MT CIF Ho Chi Minh City. Last month offers were at USD 530-535/MT CFR basis.
Meanwhile the company also reduced HRC SS400 offers by USD 50/MT and present offers are at at USD 475/MT on CIF basis against last month offers of USD 520/MT CIF basis.
Last month company has reduced HRC offers skin pass by USD 30-40/MT and wire rod by USD 15/MT for January shipments.
Imported HRC offers from China dropped by USD 50/MT - As per the data maintained with SteelMint,imported HRC offers to Vietnam from China plummet by USD 45-50/MT in last one month. Currently imported HRC offers to Vietnam from China is around USD 490-495/MT CFR Vietnam which was around USD 520-525/MT, CFR a month ago.
Formosa steel sales figures for last month - As per sources, in last month, company recorded domestic sales at around 285,000 MT of HRC and 65,000 MT HRC in exports to overseas markets. Sales in exports have come down while domestic sales have increased.
However for wire rod the sales numbers were around 32,000 MT for domestic market and around 28,000 MT for exports to overseas market.
Formosa lowered Wire rod offers by USD 60/MT - In addition to this company cuts wire rod offers by USD 60/MT and is offering around USD 510/MT CFR basis which was USD 570/MT CIF basis in previous month.
source: SteelMint
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