- Domestic demand weak, Hoa Phat keep prices stable
- Chinese import offers remain unchanged m-o-m
Vietnam’s leading steel manufacturer, Formosa Ha Tinh (FHS), has raised its hot-rolled coil (HRC) prices by around $3/tonne (t) for sales in April 2026. With this adjustment, FHS’s HRC (SAE1006, skin-passed) is now priced at approximately $518/t (13,635,000 VND) Ho Chi Minh City (HCMC) compared with $515/t (13,615,000 VND) in March 2026.
However, domestic demand in Vietnam remained weak, with market participants showing limited buying interest. Moreover, monthly average imported HRC offers from China remained unchanged m-o-m at around $490/t in February 2026.
Market updates
1. Global steel majors’ HRC prices mixed: Vietnamese steel major Hoa Phat Group has kept its HRC (SAE1006, non-skin-passed) prices unchanged m-o-m for April sales. Prices in the southern region remained at $519/t (VND 13,520,000/t), excluding VAT. The mill maintained its prices amid weak domestic demand and steady import offers in the region. A 16% m-o-m decline in imports to 1.52 mnt in January supported price stability.
However, Baosteel, the world’s leading steelmaker, has increased its HRC prices by RMB 200/t ($29/t) m-o-m for April sales compared with prices in March. This price rise is due to an increase in SHFE HRC futures by RMB 21/t ($3/t) m-o-m to RMB 3,262/t ($471/t) as on 9 March. Furthermore, prices of hot-dip galvanised also increased by RMB 200/t ($29/t) m-o-m.
2. Vietnam’s steel imports: Vietnam imported 1.52 million tonnes (mnt) of steel in January 2026, down by 0.29 mnt m-o-m from 1.81 mnt in December 2025. However, on a y-o-y basis, total steel imports rose by 0.57 mnt to 1.52 mnt in January 2026 from 0.95 mnt in January 2025. China accounted for the largest share of imports at 0.7 mnt, followed by Indonesia (0.26 mnt), South Korea (0.18 mnt), Japan (0.15 mnt), and India (0.09 mnt).
Outlook
Vietnam’s domestic HRC market is expected to remain stable in the coming weeks, as mills seek to maintain price levels despite weak domestic demand. Although Formosa Ha Tinh has raised its offers for April sales, the increase is marginal, while Hoa Phat has kept its prices unchanged m-o-m. At the same time, stable and relatively lower import offers from China are likely to continue exerting competitive pressure. Ongoing geopolitical tensions in the Middle East could also influence freight and raw material costs, which may impact market sentiment and price trends going forward.
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