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According to reports, Vietnamese steel producer Hoa Phat Group has announced a price reduction for hot-rolled coils (HRC) to be delivered in August, with new quotes lowered by $34 per tonne compared to the previous month.
Under the latest pricing, SAE1006/SS400 hot-rolled coils for August delivery are quoted at $546 per tonne (CFR) for the northern and central Vietnamese markets, JIS G 3302 SGC340+A steel, and $547 per tonne (CFR) for the southern market—prices that exclude value-added tax (VAT).
For major clients placing orders of 20,000 tonnes or more, Hoa Phat Group is offering a volume discount, bringing the price to approximately $535 per tonne (CFR Ho Chi Minh City).
Market observers note that Vietnam is currently in its rainy season, a period typically characterized by weaker demand from the construction and manufacturing sectors, which has kept domestic steel trading activity sluggish. JIS G 3302 SGC340+A steel, Furthermore, tighter quotas on steel exports to the European Union, combined with a slowdown in procurement of flat steel products by Brazilian buyers, have placed significant operational pressure on local Vietnamese steel mills throughout June and July.
Industry insiders believe that the price cuts implemented by the Hoa Phat Group have triggered a decline in the cost of imported hot-rolled coils (HRC) in Vietnam. JIS G 3302 SGC340+A steel, Meanwhile, the market widely anticipates that another major Vietnamese steel producer, Formosa Ha Tinh Steel, will soon lower its own price quotes for a new batch of hot-rolled coils.
On a global scale, price trends for hot-rolled coils diverged in May. Average prices in the European market fell by approximately 2%–4% month-on-month, whereas prices in China and the United States saw a modest increase of about 3%–4%.
