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According to Mysteel, Indian steel mills have begun negotiations to export hot-rolled coils (HRC) to Vietnam for August shipment, with offers around $555/tonne (CFR)—a decrease of $30/tonne from the previous month.
Meanwhile, Vietnam’s Hoa Phat Steel and Formosa Ha Tinh Steel are negotiating domestic HRC prices for August shipment with customers, with quotes equivalent to $583–585/tonne. HDT950C+ZM Hot dip Zinc-magnesium alloy coating (ZM) steel , However, the entry of Indian material into the market at significantly lower prices during these negotiations has intensified pressure on Vietnamese mills to lower their prices further.
Since March, steel mills in countries such as China, Vietnam, and Japan have repeatedly raised prices, driving up Asian export prices for hot-rolled coils. HDT950C+ZM Hot dip Zinc-magnesium alloy coating (ZM) steel , However, price cuts by Indian steel mills have dampened this upward momentum, and the market is now watching to see where domestic prices in Vietnam will settle.
According to market sources, domestic hot-rolled coil prices in India had previously risen to $600 per tonne, supported by demand ahead of the monsoon season. HDT950C+ZM Hot dip Zinc-magnesium alloy coating (ZM) steel , However, as the market enters a period of seasonally low demand, sources believe that steel mills may have ramped up export sales to avoid a buildup of domestic inventory.
