NEWS
IRON and STEEL   Sailing, Ports & Shipping  

Vietnam : Formosa Ha Tinh Corp. Sharply Cuts HRC Offer for November Shipments

Vietnam’s domestic steel producer - Formosa Ha Tinh has announced a steep cut of around USD 51/MT in its offers for Nov shipments.

According to sources, revised offers for HRC (SAE 1006 skin pass) is assessed around at USD 480/MT CIF Ho Chi Minh city against last month’s offer which was at USD 531/MT CIF basis.

Meanwhile, offers for HRC of (non-skin pass) stood at USD 470/MT, CIF basis. Last month the company was offering the same grade at USD 526/MT CIF basis.

Formosa declined its HRC offers due to following reasons:

1.Imported HRC offers to Vietnam from India remain competitive- Major Indian steelmakers in order to offload surplus inventories have further lowered their export offers for Asian markets owing to weakening sentiments in domestic market.Currently, major Indian steelmakers are offering imported HRC to Vietnam at around USD 455-460/MT CFR Vietnam for Oct shipments. Indian HRC export offers to Vietnam have come down by USD 20/MT in a month's time.

2.Imported HRC offers from China continue to fall- Imported HRC offers to Vietnam from China were slashed by around USD 42-45/MT M-o-M basis amid lower bids and limited buying from end users based in Vietnam as they are preferring Indian origin HRC cargoes amid low priced imports compared to China.

As per data maintained with SteelMint, imported HRC offers from China stands around USD 460-462/MT CFR basis in the beginning of Sep’19 which was USD 505/MT CFR basis in the beginning of Aug’19.

3. Vietnam buyers continue to eye for lower HRC offers-  The buyers based in Vietnam having access to cheaper alternatives continue to eye for lower HRC offers from various exporting nations owing to downturn in global steel prices.

News No: 6469
Date: 2019/09/13 - 14:38
News Source: SteelMint

Vietnam  HRC  Shipment  SteelMint  China 

Comments:

Leave a Comment:

   
   
   
 

Eurofer seeking CVD on Turkish HRC

European steel association Eurofer has filed an anti-subsidy complaint against Turkish exporters of hot-rolled flat steel with the European Commission, alleging that low-priced and subsidised imports are harming the European market.
 

EUROPE HRC: Domestic prices fall in the north

Domestic prices for hot-rolled coil in Northern Europe went down day on day on Friday May 29 due to poor demand.
 

Vietnam: Hoa Phat Eyes 500,000 MT HRC Output in CY’20

Vietnam’s leading steel producer Hoa Phat Group plans to produce 800,000 MT billets and 500,000 MT HRC this year and expects HRC products to be supplied to the market by Sep’20.
 

China's Chambroad Petchem to invest in new PP units

China's Chambroad Petrochemical is planning to build two 600,000 t/yr polypropylene (PP) units as part of a 5.17bn yuan ($728mn) propylene plant with 2.04mn t/yr of raw material processing capacity.
 

Vietnamese mills import less ferrous scrap in April

Vietnam's April ferrous scrap imports fell by 38.2pc to 401,055t from a year earlier, slowed by Covid-19-related restrictions.
 

Chinalco tests workers at Toromocho after covid-19 case

Workers at the Toromocho copper mine in Peru, operated by Chinalco’s Aluminum, were given rapid tests for the novel coronavirus on Thursday after an employee at its processing facility tested positive, the company said.
Upcoming Events
Publications
 Mines & Metals

Mine & Business Today

 Scrap & Recycling

Ahangan

Our partners