Vietnamese steelmaker Formosa Ha Tinh Steel on June 10 kept its monthly domestic hot-rolled coil offers steady due to tepid demand and general weakness in the spot market.
The mill is offering non-skinpassed SAE1006 and pipemaking SS400 for July and August shipment at Dong 13,214 -13,474/ kg, or $507-517/mt, CIF domestic ports, with larger quantities at lower prices.
Skinpassed SAE1006 coils typically come at a premium of $5/mt. These prices do not include value-added tax.
Sources said the mill’s move to keep offers flat had been expected due to the weak domestic demand and increased trade uncertainties.
A Vietnam-based trader said most buyers still prefer domestic mills for supply due to the volatile exchange rate and unstable trading climate.
Domestic peer Hoa Phat Group earlier this month also kept its monthly domestic HRC offers steady at $512-$513/mt CIF domestic ports, with market participants expecting discounts from the mill in the coming days.
---S&P Global Commodity Insights
