Vietnamese company Formosa raises prices for rolled metal products against the backdrop of a rapidly growing market

Vietnamese steelmaker Formosa Ha Tinh's recent monthly domestic hot coil prices reflect the sharp rise in market prices over the past month.

On April 12, the Vietnamese mill announced a price increase of about $ 145 per tonne for June shipments, sources at Kallanish said. The new SAE 1006 HRC-based mill's skinless price is equivalent to $ 900 per ton fob Ha Tin, they said.

The SAE 1006 HRC Formosa is priced at $ 915 per tonne in Ho Chi Minh City, up from $ 770 per tonne last month, according to trade sources. The company's hot rolled strip or material without casing is estimated to be $ 5 per ton lower.

According to a Chinese trader, the prices of the Vietnamese manufacturer are very reasonable. One Vietnamese trader also says Formosa's prices are reasonable. Last week, a Japanese plant offered SAE 1006 HRC at a surprisingly high price of $ 1,000 per tonne, but Vietnamese importers disagree, he says.

Instead, Vietnamese buyers are in talks to buy China's HRC because Chinese factories are willing to provide competitive prices, he adds. On Monday, Chinese bids remained at $ 910-920 per tonne Vietnam for SAE1006. Recent orders for China's 2-3mm HRC SAE 1006 for June delivery were placed last week at $ 900 /t in Vietnam.