Vietnamese steelmaker Hoa Phat has reduced domestic HRC prices for August deliveries amid weak market demand and seasonal pressure.
The producer lowered prices by around USD 34 per ton compared with the previous month’s offers. Non-skinpass SAE1006/SS400 grade HRC is now offered at USD 545-550 per ton CFR, depending on the region, excluding VAT.
Market insiders said another domestic HRC producer, Formosa Ha Tinh Steel, is also expected to lower prices for its next sales round as sluggish demand continues to weigh on the market.
In the import market, Chinese suppliers are offering commercial and rerolling grade HRC at around USD 530-550 per ton CFR Vietnam. Market sources said similar price levels are also being offered by suppliers from India, Indonesia and Malaysia, reflecting increased competition among Asian suppliers for limited demand.