- Hoa Phat, Baosteel keep HRC offers firm for Nov
- Vietnam’s steel imports drop 15% m-o-m in Sep
Vietnamese steel giant Formosa Ha Tinh (FHS) has increased its hot-rolled coil (HRC) prices by approximately $3/tonne (t) m-o-m for November 2025 sales. Following this adjustment, FHS’s HRC prices (SAE1006, skin-passed) ranged within $522-$532/t CIF Ho Chi Minh City (HCMC), depending on the quantity booked, as compared to $519-528/t CIF HCMC last month.
Vietnam’s domestic demand is currently weak amid heavy rains that trigger fatal flooding in northern Vietnam. Therefore, a wait-and-watch approach is necessary to observe the recovery phase.
Market updates
1. Hoa Phat, Baosteel keep HRC offers stable: Vietnamese steel major Hoa Phat Group has kept its HRC (SAE1006, non-skin-passed) prices stable m-o-m for November sales after increasing them in the previous month. Prices for November were at approximately $528/t or VND 13,943,756/t for the southern region, excluding VAT. This stability in prices can be attributed to competitive import offers.
Additionally, the world’s top steel manufacturer, Baosteel, has rolled over HRC prices for November sales, after keeping them stable in October too. This stability was attributed to weak domestic demand and mixed trends in Shanghai Futures Exchange (SHFE) prices. However, prices of hot-dip galvanised steel were raised by RMB 100/t ($14/t) m-o-m.
2. Vietnam’s steel imports drop: Vietnam’s steel imports in September stood at 1.14 million tonnes (mnt), declining by 15% against 1.35 mnt last month. Furthermore, imports dropped by 26% against 1.55 mnt a year ago.
Outlook
Vietnam’s domestic steel demand remains weak at the moment due to recent floods. Recovery depends on the restart of infrastructure activity, and there is cautious optimism for steady demand and stable prices in the coming months.
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