Posted on 13 Nov 2020
Vietnam's Formosa Ha Tinh Steel has hiked its hot rolled coil monthly prices for January shipments, Kallanish notes. The Vietnamese import market has seen import prices go up sharply since last week.
Formosa's base re-rolling HRC with skin pass was increased by $25/tonne from the previous month to $560/t cif Vietnam. This price applies to its large customers and the mill's prices could be up to $8/t higher for those with smaller orders.
The new price hikes reflect the current market levels, company sources say. Import offers for HRC have jumped up since last week. Offers for 2-2.5mm thickness SAE 1006 HRC have risen to $570/t cfr Ho Chi Minh and to $572/t cfr Haiphong, up by $20-30/t from last week, Chinese trading sources say. Offers for 2.5mm and up thickness SAE 1006 HRC are now prevailing at $562/t cfr Ho Chi Minh, and at $564/t cfr Haiphong. Traders are offering at these levels for end-January shipments and are for unspecified origins of China, South Korea or India, Kallanish understands.
Meanwhile, Formosa also announced a $20/t increase in its wire rod prices for January shipment. Its 6.5mm diameter SAE 1008 wire rod is now tagged at $560/t fob.
Source:Kallanish
