After one month circle holding HRC at 520 usd/ton level while there are many movements in steel market due to slow demand under affect of Coronavirus. Finally, Friday 13th March 2020, Formosa Ha Tinh decided to down 40 usd/ton for May shipment:
- HRC SAE1006 skin-passed: 480 usd/ton CIF FO (520 usd/ton CIF previously)
- HRC SS400 and pipe making grade: 475 usd/ton CIF FO (515 usd/ton CIF previously)
- HRC SPHT3, S235JR, SG255 and SS490: 470 usd/ton CIF FO (510 usd/ton CIF previously)
Likewise, Vietnam steel price for wire rod has been down 7 usd/ton for cargoes to be shipped and delivered in May:
- Wire rod grade 2 mesh quality mild steel: 495 usd/ton CIF (502 usd/ton CIF previously)
- Wire rod mesh quality: 504 usd/ton CIF (511 usd/ton CIF previously)
- Wire rod general cold work quality: 514 usd/ton CIF (521 usd/ton CIF previously)
Billet new price is also decreased by 14 usd/ton:
- 404 usd/ton CIF LO Haiphong Port (compared with 418 usd/ton previously)
- 409 usd/ton CIF LO Hochiminh Port (compared with 423 usd/ton previously)
This price level is hard for Vietnamese HRC producer when all other worldwide steelmakers are dumping the offer to Vietnam. Sellers cut offers to around 465 usd/ton Vietnam for SAE grade coils from India and China, inducing buying interest at 450 usd/ton Vietnam, but most buyers were silent amid the downtrend. Only Japanese mills held selling prices at 470 usd/ton Vietnam.
However, with the rapid widespread diffusion of Covid 19, many markets are suspending trading activities. Hence buyers have no motivation to make purchasing decision in this period of time due to no new projects, no residential construction as well blockage annoucements (in some countries).
This is general news from MRS Steel Vietnam, if you are looking forward to more about Vietnam steel price for detailed specification, please contact us.
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