- Weak domestic demand continues to weigh on HRC prices
- Lower import offers intensify competitive pressure on domestic mills
Vietnamese steel producer Hoa Phat Group has reduced its domestic hot-rolled coil (HRC) (SAE1006, non-skin-passed) prices by around $13/t (VND 341,687/t) m-o-m for September 2026 sales, amid weak domestic demand and mounting competitive pressure from lower-priced imports.
Following the latest revision, HRC prices in southern Vietnam were set at approximately $536/t (VND 14,090,000/t), excluding VAT, down from around $549/t (VND 14,431,578/t) in August.
Domestic buying activity remained subdued, with buyers restricting purchases to immediate requirements while delaying fresh bookings in anticipation of further price corrections. Sluggish order inflows weakened mills’ pricing power, prompting Hoa Phat to reduce prices to stimulate demand and remain competitive.
Meanwhile, Indian HRC export offers to Vietnam declined by $5/t w-o-w to around $515/t CFR Ho Chi Minh City, reflecting weak regional demand and cautious buying sentiment. The narrowing gap between imported and domestic HRC prices further intensified competitive pressure on local mills, reinforcing Hoa Phat’s decision to reduce September prices.
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