Posted on 10 Jul 2024
Formosa Ha Tinh Steel (FHS) has maintained monthly prices for its hot rolled coil products for September shipment, Kallanish understands.
On 9 July, FHS released offers for non-skin passed SAE 1006 grade HRC at the equivalent of $560-572/tonne cfr Ho Chi Minh City, depending on tonnage. Prices are the same for SS400/pipe-making grade HRC. The mill's skin-passed SAE 1006 HRC is set at $5/t higher. The latest prices are unchanged from August-shipment values.
The Vietnamese producer would need to give a discount to buyers because the market has weakened, Vietnamese trading sources say. Chinese HRC prices have slipped notably, with offers down to lows of $520-530/t cfr, depending on grade. "I think they have to give a $10 discount," a Hanoi trader notes.
FHS has also set an export price for HRC for September shipment at $555/t fob for ASEAN markets and at $542/t fob for markets elsewhere.
Meanwhile, Guang Ching De Metal Rolling, the HRC project located in Indonesia's Morowali Industrial Park, commenced production of commercial quality HRC on Tuesday. The main shareholders of the project are state-owned Guangxin (51%), Tsingshan (26%) and Dexin (25%).
The mill is targeting to produce 2 million tonnes/year of carbon steel and 1.5m t/y of stainless steel. It could make up to 4m t/y of coil products, depending on strip thickness, informed sources say. The rolling mill will receive slab feed from its project owners (see Kallanish passim).
Source:Kallanish
