Posted on 12 May 2021
Vietnamese steelmaker Formosa Ha Tinh has once again increased its monthly domestic hot rolled coil prices by more than $100/tonne. This reflects another strong month of soaring price gains, Kallanish notes.
The Vietnamese mill announced on 11 May a hike equivalent to around $120/t for July shipments. Formosa’s SAE 1006 HRC is now tagged at $1,030/t cif Hai Phong and $1,035/t cif Ho Chi Minh City, up from $910-915/t cfr last month. The extra charge for skin-passed HRC is $5/t. Last month, the company raised HRC prices by around $145/t. On Tuesday, Formosa also increased its domestic wire rod prices by $100/t to $880-890/t cif Ho Chi Minh City.
Meanwhile, Vietnam’s import market for HRC continues to surge. Indian SAE 1006 HRC offers are now prevailing at $1,080/t cfr Vietnam, $30/t higher from last Friday. Vietnamese trading sources say a recent booking took place at $1,010/t cfr Vietnam. An order transpired at $1,023/t cfr Vietnam over last weekend, a regional trader says. The recent Indian HRC deals are position cargoes, another trader says, adding that there have been no recent direct sales from the Indian mills.
Offers for Chinese-origin SAE 1006 2mm and up thickness HRC are at a minimum of $1,060-1,070/t cfr Vietnam, up from $1,010/t last Friday. But there are others, too, which are targeting an export price of at least $1,100/t cfr, Chinese trading sources report.
Source:Kallanish
