According to trading sources, FHS has lowered its selling prices by about $10/ton for orders over 20,000 tons, bringing it down to $598/ton. The price for 10,000-20,000 ton orders is at $602/ton level. These prices are applicable for SAE 1006 HRC and SS400 grade HRC for April/May shipment. FHS had earlier announced its prices on February 23 at $608-615/ton cif Vietnam depending on the booking tonnage.
It was mentioned that since the export market for hot rolled is not doing well, Formosa needs to sell more in the domestic market. Therefore, they have made bigger discounts for big customers.
Another Vietnamese hot rolled producer, Hoa Phat Dung Quat, is also expected to reduce its prices when it announces its new hot rolled allocations in early March.
Hoa Phat is predicted to lower its domestic HRC prices to around $580-585/ton cfr Vietnam.
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