- Hoa Phat raises HRC prices by $10/t m-o-m
- China’s SHFE futures increase by $4/t w-o-w
Vietnamese steel giant Formosa Ha Tinh (FHS) has increased its hot-rolled coil (HRC) prices by approximately $12/tonne (t) m-o-m for October 2025 sales. Following this adjustment, FHS’s HRC prices (SAE1006, skin-passed) ranged within $519-528/t CIF Ho Chi Minh City (HCMC), depending on the quantity booked, as compared to $507-517/t CIF HCMC last month.
Domestic demand showed signs of recovery, primarily driven by significant government-led infrastructure and construction projects.
Market updates
1. Hoa Phat raises HRC offers: Vietnamese steel major Hoa Phat Group increased its monthly HRC (SAE1006, non-skin-passed) prices by approximately $10/t m-o-m for October sales. Post-revision, prices in the southern region were at around $528/t or VND 13,930,000/t as compared to $518/t a month ago, excluding VAT. The price hike could be attributed to improved market sentiment in Vietnam.
Meanwhile, Baosteel, China’s leading steel producer, rolled over HRC prices for October 2025 sales after increasing them for September. Similarly, hot-dip galvanised product prices also remained unchanged. This stability comes amid mixed trends in SHFE HRC futures, influenced by weak domestic steel demand.
2. Vietnam’s steel imports rise: Vietnam’s steel imports in August stood at 1.35 million tonnes (mnt), increasing by 17.4% (200,000 t) m-o-m from 1.15 mnt last month. Furthermore, on y-o-y basis, the same edged up by 0.7% (10,000 t) against 1.34 mnt a year ago.
3. Chinese SHFE futures increase w-o-w: HRC futures on the Shanghai Futures Exchange (SHFE) January 2026 contracts rose by RMB 30/t ($4/t) w-o-w to RMB 3,335/t ($468/t) as compared to RMB 3,305/t ($464/t) a week ago. However, on a d-o-d basis, contracts dropped by RMB 20/t ($3/t) against RMB 3,355/T ($471/t), a day ago.
Outlook
Vietnam’s demand for HRCs is showing signs of recovery, largely due to strong domestic consumption and significant government investments in infrastructure and construction projects. This has led local steel producers to increase their prices, indicating positive market sentiment. Furthermore, a monthly rise in steel imports for August further supports the idea of sustained demand. However, broader regional steel market dynamics might also shape the overall outlook.
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