Posted on 03 Jan 2025
Vietnamese hot rolled coil producer Hoa Phat Dung Quat has reduced its monthly domestic prices in tandem with market weakness, Kallanish notes.
Hoa Phat’s quotes announced on 2 January for non-skin passed SAE1006 or SS400 grade HRC for March/April shipment were set at the equivalent of around $519/tonne cfr southern Vietnam, excluding VAT. Last month, its official list price was at around $527/t cfr.
In VND terms, the latest price of VND 13,220/kg cfr southern Vietnam is a drop of VND 150/kg over last month’s official VND prices, trading sources say. The mill’s quotes to northern and central Vietnam are now set at VND 13,190/kg cfr.
"Demand is not good," a Hanoi trader says on the price cut. He believes the mill also cut its prices in order to "put more pressure on" its domestic competitor, Formosa Ha Tinh Steel.
Source:Kallanish
