Vietnam’s domestic HRC prices declined further as leading producers Formosa Ha Tinh and Hoa Phat lowered their offers amid weak demand and growing competition from cheaper imported material.
Formosa reduced its latest domestic HRC prices by around USD 15 per ton compared with the previous month. The steelmaker is offering SAE1006 and SS400 HRC for September-October delivery at around USD 522-524 per ton CIF. Earlier this week, Hoa Phat also lowered its HRC price for September delivery to around USD 535 per ton CIF Vietnam.
HRC import offers for SAE1006 were reported at around USD 505-515 per ton CFR Vietnam from various sources, with Indian and Indonesian material also offered at competitive levels. The cheaper imports are adding pressure on domestic mills, while local demand remains subdued.