- Hoa Phat increases HRC prices for Feb-Mar’26 sales
- Domestic demand weak, Chinese import offers inch up
Vietnam’s leading steel manufacturer, Formosa Ha Tinh (FHS), has raised its hot-rolled coil (HRC) prices by around $15/tonne (t) for sales in February 2026. With this adjustment, FHS’s HRC (SAE1006, skin-passed) is now priced at approximately $505-515/t CIF Ho Chi Minh City (HCMC), depending on the volume.
However, domestic demand in Vietnam remained weak, with market participants showing limited buying interest. Monthly average imported HRC offers from China inched up marginally by $2/t m-o-m to around $487/t in December 2025 which prompted local mills to raise prices.
Market updates
1. Global steel majors keep HRC prices on higher side: Vietnamese steel major, Hoa Phat Group, has also raised its HRC (SAE1006, non-skin-passed) prices for February-March sales by $4/t m-o-m. Following this revision, prices in the southern region stood at $510/t (VND 13,420,000/t), up from $506/t (VND 13,320,000/t) last month, excluding VAT. The price hike reflects improved market sentiment in Vietnam.
Baosteel, the world’s leading steelmaker, has kept its HRC prices unchanged for February sales compared with January, supported by steady SHFE HRC futures. However, it has raised March prices by RMB 100/t ($14/t) m-o-m. Prices of hot-dip galvanised products have remained stable m-o-m in February, while March prices increased by RMB 100/t ($14/t) m-o-m.
2. Vietnam’s steel imports: Vietnam imported 1.81 million tonnes (mnt) of steel in December, up by 0.29 mnt m-o-m from 1.52 mnt in November. However, y-o-y, total steel imports declined by 1.63 mnt to 16.05 mnt in 2025 from 17.68 mnt in 2024. China accounted for the largest share of imports at 9.23 mnt, followed by Japan (2.18 mnt), South Korea (1.69 mnt), Indonesia (1.52 mnt), and Taiwan (0.92 mnt).
Outlook
The Vietnamese HRC market is expected to remain volatile in the coming weeks amid weak end-user demand and limited buying interest. While firmer prices from global majors and marginally higher Chinese import offers are providing some support, a sustained uptrend is unlikely without a recovery in end-user demand.
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