Last Friday, Vietnam's Formosa Ha Tinh Steel Corporation (FHS) announced a new higher price for March delivery, of which the prices of major products, such as hot rolled and wire rods, had reached the US$700 level. However, Taiwan's China Steel Corporation (CSC) and other market participants thought that FHS' new prices were in line with the local market, which will further help stabilize the market.
FHS said that the reason for the increase in hot rolled steel and wire rod’s prices was mainly due to the continued prosperity of international cold-rolled steel, which had driven the hot rolled steel to go up. In addition, the spot price of iron ore is still at a high point. At last, the current operation of downstream industries is stable in Vietnam.
Given that the international market is still on the rise, CSC believed that the new price of FHS is in accord with the local market.
Source: YIEH
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