Vietnam: Formosa Ha Tinh lowers Aug HRC prices by $100/t

Formosa Ha Tinh (FHS), Vietnam's leading steel producer, has steeply reduced its monthly hot rolled coil (HRC) offers for August 2022 sales, sources informed SteelMint. Current offers for skin-pass HRCs (SAE1006) stand at $755-765/t CIF Ho Chi Minh. The prices have come down by around $100/t against those announced last month.

SteelMint analyses factors behind the drop 1. Drop in imported HRC prices: Major parts of China were observing Covid-induced lockdowns since mid-March. Thus, demand for steel in the domestic market remained dull. As a result, Chinese mills started looking for exports to offload increased inventories at much lower offers. China's steel