Vietnamese steelmaker Formosa Ha Tinh Steel has adjusted its March hot-rolled coil offers down $10/mt (Dong 250/kg) from the levels announced March 13, a company source said March 18.

The same source said prices have fallen quite drastically in recent days, and that currently FHS uses the new offer to negotiate with customers, regardless of quantity.

FHS’ offer was first released March 13, and it was deemed expensive by some market participants, especially when the local currency prices were unchanged month on month.

After this round of price adjustment, FHS’ March offers for May and June shipment would be $15-$21/mt lower than the month before, also due to the depreciation of the dong against the dollar, market sources said.

After a $10/mt discount, offers for non-skin passed SAE1006 and pipe-making SS400 grade were in the $583-$590/mt CIF Vietnam range, with larger quantities taking the lower end of the range, based on calculations from previous offers.

Skin-passed SAE1006 would need a premium of $5/mt on top of the base level, sources said.

Platts, part of S&P Global Commodity Insights, assessed SAE1006 HRC at $559/mt CFR Southeast Asia March 15, down $10/mt from FHS’ last price adjustment March 13.