Tiếng Việt
China: HRC price decreased slightly by $5-10/tons, HRC SS400 price is at $560-570/tons CFR Vietnam. Futures for December delivery fell sharply to $520/tons/tons. The reason is that the Covid19 epidemic broke out again in some big cities such as Shanghai, Shenzhen…. HRC steel prices in Asia is gloomy in the fourth quarter due to steel demand from the real estate and manufacturing sectors. China’s exports are likely to remain weak through year-end, despite some support from the Chinese government’s stimulus packages targeting domestic industries and consumer spending.
India: HRC price also decreased slightly to $580/tons CFR Vietnam, down $10 from the previous week.
Japan: HRC price is at $590 CFR Vietnam, difficult to increase.
Vietnam: construction steel price fell last week, leading to a decrease this week. Meanwhile, HRC price is still fluctuating at $580-590/tons. Following this trend, Formosa and Hoa Phat are likely to continue to lower prices this week or next.
A Vietnamese factory named Pomina (POM) recently due to heavy losses had to announce the cessation of blast furnace production (BF) from September 23, 2022, and at the same time had to terminate labor contracts with some company’s staff. Blast furnace project invested by POM in 2019 and put into operation in 2020: This was introduced by POM as a key project and is expected to bring a sudden profit for the Company in the period of 2021-2023, with a capacity system up to 1 million tons of steel products.
According to POM, the reason why blast furnaces cannot be maintained is because the conflict between Russia and Ukraine has pushed up the price of oil and other commodities. Meanwhile, the value of steel products and billet decreased continuously. The factory had to cope with the crisis, had to suspend operations.
Supplier of galvanized coated steel coil, aluzinc coated steel coil, pre-painted steel coil, steel pipe – hollow section, wire rod, rebar ….
Mr. Paul
Email: paul@hapval.com.vn
Mobi/whatsapp: +84 357 309 468