On 08/01/2021, Vietnam’s Formosa Ha Tinh Steel Corporation (FHS) announced a new price increase for March delivery. Whereas the prices of key products, such as hot rolled steel and wire rod, have reached the US$700 mark.
FHS Prices in line with local market
However, Taiwan’s China Steel Corporation (CSC) and other market participants believed that FHS’s new prices are in line with the local market, which will help further stabilize the market.
Prosperity of international cold rolled steel
FHS said the reason for the increase in hot rolled steel and wire rod prices was mainly due to the continued prosperity of international cold rolled steel. Which has pushed hot rolled steel up. In addition, the spot price of iron ore is still at a high point. In the end, the current operation of downstream industries in Vietnam is stable.
Considering that the international market is still on the rise, CSC believes that the new price of FHS is in line with the local market.
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