- Hoa Phat increases HRC prices for Mar’26 sales
- Import constraints enhance domestic market strength
Vietnam’s leading steel manufacturer, Formosa Ha Tinh (FHS), has raised its hot-rolled coil (HRC) prices by around $5/tonne (t) for sales in March 2026. Post adjustment, FHS’s HRC (SAE1006, skin-passed) is now priced at approximately at $510-520/t CIF Ho Chi Minh City (HCMC) in comparison with February’s $505-515/t CIF, depending on the volume.
Market updates
1. Global steel majors keep HRC prices on higher side: Vietnamese steel major, Hoa Phat Group, has raised its HRC (SAE1006, non-skin-passed) prices for March sales by $9/t m-o-m. Following the revision, prices in the southern region stood at $519/t (VND 13,520,000/t), up from $510/t (VND 13,420,000/t) a month earlier, excluding VAT. The major mill announced the price hike on improved domestic demand and an increase in import prices in the region.
China Steel Corporation (CSC) has increased its steel prices m-o-m for March sales. Prices of HR plate, HRCs, and CRCs rose by TWD 500/t ($16/t). Furthermore, prices of hot-dip galvanised coils and electro-galvanised steel coils were also increased by TWD 500/t ($16/t). The increase reflects recovering global steel demand and higher steelmaking costs amid improving market conditions.
2. Imported HRC offers from China rise w-o-w: Imported HRC offers from China rose by $3/t m-o-m to $490/t in January from $487/t in December 2025. However, imports from China fell by 0.5 million tonnes (mnt) to 0.85 mnt in December 2025 compared with 0.90 mnt in December 2024, reflecting reduced inflows amid the impact of anti-dumping duties on Chinese HRC.
Moreover, May 2026 HRC contracts on the Shanghai Futures Exchange declined by RMB 45/t ($6/t) w-o-w to RMB 3,257/t ($469/t) on 6 February from RMB 3,302/t ($476/t) on 30 January. On a daily basis, prices dropped by RMB 8/t ($1/t) d-o-d on 6 February from RMB 3,265/t ($470/t) on 5 February.
Outlook
Vietnam’s domestic HRC market is expected to remain firm in the coming month, supported by recent price hikes from Formosa Ha Tinh and Hoa Phat, along with tighter import availability due to anti-dumping duties on Chinese material, which continue to strengthen local market fundamentals. Nevertheless, the direction of prices will ultimately hinge on the improvement in end-user consumption going forward.
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