ASIA HRC: Tight supply, new Formosa Ha Tinh offer boost import prices

Tight regional supply of hot-rolled coil, as well as Vietnamese steelmaker Formosa Ha Tinh Steel Corp's increase in November-shipment offers, continued to boost import prices in Vietnam in the past week.

Market sources said there were limited materials in the spot market because at least two major Indian steel mills had withdrawn offers in anticipation of more improvements in India’s domestic market, leaving only two Indian mills offering materials to Asia.
Indian steel mills had offered cargoes at $540-545 per tonne fob to Southeast Asia, with Fastmarkets assessing Indian HRC export prices at $530-535 per tonne fob on Friday September 11, an increase of $15 per tonne compared with last week’s assessment at $515-520 per tonne fob.

Brazil was also not offering cargoes to Asia, limiting Southeast Asian buyers to cargoes...

Published

Paul Lim

September 14, 2020

09:41 GMT

Singapore