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Vietnam`s Formosa Slashes HRC Offer for December

Vietnam`s Formosa Slashes HRC Offer for December
Mining News Pro - The company has cut HRC offers by USD 30/MT and Wire Rod by USD 10/MT on monthly basis. This is company`s 4th consecutive price cut in HRC.
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According to Mining News Pro -The company has cut HRC offers by USD 30/MT and Wire Rod by USD 10/MT on monthly basis. This is company`s 4th consecutive price cut in HRC.

Vietnam`s domestic steel producer - Formosa Ha Tinh Corporation has today announced fresh steel offers for Dec’18 shipments.

According to company officials, Formosa has sharply cut its HRC SAE 1006 offers with skin pass by USD 30/MT M-o-M and is presently assessed at USD 570/MT CIF Ho Chi Minh City. Last month company had lowered HRC offers by USD 2/MT on monthly basis to USD 600/MT CFR basis.

The company is presently offering HRC SS400 at USD 555/MT on CIF basis. This is 4th consecutive price cut made by company.

Amid sharp decline of around USD 20-25/MT in Chinese HRC export offers along with reduced bids from Vietnam`s buyers, company has cut HRC offers.

Formosa steel sales figures for last month - As per sources,in last month, company recorded domestic sales at around 2,91,000 MT of HRC and 55,000 MT HRC for exports in overseas markets. Sales in both domestic and overseas markets have reported increase against previous month which was around 2,68,000 MT & 36,000 MT then.

Current HRC trade offers to Vietnam - Week 42, 2018

1.HRC (SAE 1006) 2-3mm / Chinese offer - Benxi Steel is at USD 565/MT CFR Vietnam.

2.HRC (SAE 1006)) 2-3mm/ Korean offer- Hyundai Steel offer at USD 590/MT CFR basis.

3.HRC (SAE 1006)) 2-3mm/ Indian offer at USD 560-565/MT CFR basis.

Formosa cuts wire rod offer by USD 10/MT- Company has also reduced wire rod offers by USD 10/MT M-o-M basis and is assessed at USD 585/MT CFR basis. However last month wire rod offers was hovering at USD 595/MT CFR basis.

However for wire rod the sales numbers were around 28,000 MT for domestic market and around 25,000 MT for exports to overseas market. Wire rod sales in both domestic and overseas market have come down.


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