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Vietnam’s leading steelmaker Hoa Phat Group has raised its domestic HRC prices for October delivery, following three consecutive months of reductions, as seasonal demand is expected to improve and import prices have strengthened.
Hoa Phat increased its HRC offer by around USD 9 per ton month-on-month. Non-skinpass SAE1006/SS400 HRC is currently offered at around USD 545 per ton CFR Vietnam, excluding VAT.
Import HRC prices have also moved higher, with Indonesian and Indian material quoted at around USD 530-535 per ton CFR Vietnam.
The latest increase marks a reversal from the previous trend. Formosa Ha Tinh and Hoa Phat had reduced September delivery prices amid weak demand and competition from cheaper imports, with Hoa Phat’s September offer previously around USD 535 per ton CIF Vietnam.
Meanwhile, Formosa Ha Tinh has temporarily shut down blast furnace No. 1 following a technical incident involving a hot-air furnace. The company is investigating the incident and carrying out repairs. Authorities said the blast furnace could maintain around 80pct capacity if troubleshooting is prolonged. A longer repair period could temporarily limit HRC supply and provide further support to domestic prices.