Vietnam: Formosa Hikes HRC Offer by USD 15/MT

Vietnam's domestic integrated steel maker Formosa Ha Tinh has today announced a hike in its hot-rolled product prices by USD 15/MT for Feb'20 deliveries.

According to the company officials, the revised offer for HRC (SAE 1006, skin pass) assessed at USD 485/MT CIF Ho Chi Minh, which was USD 470/MT CIF basis for Jan'20 deliveries.

Meanwhile, fresh offer for HRC (SAE 1006, non-skin pass) stands at USD 480/MT CIF basis for Feb'20 as against USD 465/MT CIF basis for Jan'20 deliveries.

Along with this, the company's revised offers for HRC (SS400 & Pipe-making grade) stands at USD 475/MT CIF basis for Feb'20 as compared with USD 460/MT CIF basis for Jan'20 deliveries.

The price hike announcement was made ahead of a maintenance shutdown in its hot strip mill for 20 days, starting 30th Dec'19 until 17th Jan'20. The estimated impact of the shutdown on production comes around 35%, which may result in a short supply in the near term.

Prior this, last month, the company announced a hike of USD 10/MT in its hot-rolled product prices for Jan'20 deliveries.

Current HRC export offers to Vietnam-

1. HRC (SAE 1006) 2mm, Japan- Nippon steel offering at USD 490/MT CFR basis.

2. HRC (SAE 1006) 2mm, South Korea- Hyundai Steel’s offers stand at USD 485/MT CFR basis.

3. HRC (SAE 1006) 2mm, China- Rizhao steel mill is offering at USD 485/MT CFR basis.

4.HRC (SAE 1006) 2mm, China- Shangchen steel mill is offering at USD 485/MT CFR basis.

5. HRC (SAE 1006) 2mm, India - Indian steel mills offering at USD 480-485/MT CFR basis,