Vietnam: Formosa Ha Tinh rolls over HRC offers for Jul’25 sales

• Competitor Hoa Phat also rolls over HRC prices
• Weak domestic demand continues, steel imports rise

Vietnamese steel giant Formosa Ha Tinh (FHS) has rolled over hot-rolled coil (HRC) prices for July 2025 sales. Following this revision, prices (SAE1006, skin-passed) hovered at $508-518/tonne (t) CIF Ho Chi Minh City (HCMC). Formosa is holding its prices steady as demand remains weak and competitor Hoa Phat has kept its HRC prices unchanged too.

Key factors influencing prices

1. Competitors roll over HRC offers: The Hoa Phat Group, a Vietnamese steel major, has rolled over its monthly HRC (SAE1006, non-skin-passed) prices. Current prices are approximately $513/t or VND 13,369,794/t for the southern region for July 2025, excluding VAT. The stability in HRC prices is due to weak market sentiment and slow demand.

Moreover, Baosteel, Chinese steel giant, has rolled over HRC prices for July 2025 sales, continuing a trend of price stability for the fourth straight month, as per sources. Additionally, prices of hot-dip galvanised products remained steady. The price stability reflects weak domestic demand while overall market activity remained bearish.

2. Vietnam’s steel imports rise y-o-y: Vietnam steel imports in April 2025 stood at 1.37 million tonnes (mnt), up by 11% or 142,723 t against 1.23 mnt a month ago. Moreover, on y-o-y basis, the same increased by 7% or 91,297 t y-o-y from 1.28 mnt a year ago.

However, China’s steel exports to Vietnam decreased by 17% or 147,531 t in April 2025 to 718,127 t as compared to 865,658 t in same period last year.

3. Chinese SHFE remains stable w-o-w: HRC prices on China’s Shanghai Futures Exchange (SHFE) stayed firm w-o-w at RMB 3,084/t ($429/t) on 11 June 2025 as compared to a week ago. Moreover, on a d-o-d basis, futures remained unchanged.

Outlook

In the short term, Vietnam’s HRC prices are expected to remain range-bound amid ongoing weak demand, rising imports, and stable pricing by major producers. Additionally, Formosa’s recent price stability reflects rising local competition from Hoa Phat in addition to subdued demand.