Vietnam: Formosa raises HRC offers m-o-m for Feb'24 sales

Vietnamese steel major, Formosa Ha Tinh, has raised HRC prices by $25-35/t m-o-m for February 2024 shipments, according to the quantity booked. Subsequent to the revision, prices of HRC (SAE1006, skin pass) stood at $625-635/t CIF Ho Chi Minh City. Meanwhile, non-skin pass coils are assessed at around $620-625/t CIF.

Factors influencing offers: 1. Improved imported HRC offers: China: HRC (SAE1006) was heard offered at $580-585/t CFR Vietnam this week. Chinese prices are on a higher side amid increased SHFE HRC futures and production cuts in China. Indian mills are out of the market, due to higher domestic realisations. 2. Supporting price trends