ASIA HRC: Vietnam's Formosa Ha Tinh raises July HRC offers amid cooling China sentiment

Vietnam's Formosa Ha Tinh Steel Corp has raised its July hot-rolled coil (HRC) offers amid cooling sentiment in China's domestic market, caused by a lack of guidance by Chinese economic planners.

Market sentiment had cooled after Chinese Premier Li Keqiang did not set a gross domestic growth (GDP) target for 2020 during the annual meetings of China’s National People’s Congress and the Chinese People’s Political Consultative Conference last week, causing domestic steel prices in China to plunge.

But tightness of imported HRC has boosted sentiment in Vietnam, especially with major Indian mills selling out July-shipment cargoes and offering August-shipment materials...

Published

Paul Lim

May 26, 2020

10:32 GMT

Singapore