Posted on 11 Jun 2025
Vietnam's Formosa Ha Tinh Steel will maintain its domestic hot rolled coil price, Kallanish notes. Despite weak market demand, a drop in HRC production by its competitor, Hoa Phat, could lend some support to the market.
Formosa Ha Tinh Steel announced on 10 June its domestic non-skin passed SAE 1006 HRC prices for July/August shipment at the equivalent of $508-518/tonne cfr southern Vietnam. This is the same level as the mill’s prices for June/July shipments. The list price of $518/t (VND 13,474/kg) applies for 2,000-5,000t with prices moving downwards for different tonnage order categories to the low of $508/t (VND 13,214.kg) for bookings of minimum 20,000t.
“HRC demand has been affected by the 50% US tariffs on Vietnamese coated steel and also there is a disruption of Vietnamese coated steel exports to Mexico,” a Hanoi trader says. But HRC prices are supported by reduced supply from Hoa Phat, he notes.
One of Hoa Phat’s blast furnace was damaged after an explosion last month. It was estimated that the company will lose around 100,000t/monthly from the 1.2 million tonnes/year blast furnace (see Kallanish passim). There is now market talk that the blast furnace will be fully operational by August, trading sources say Tuesday.
Kallanish was unable to receive comment from the company about the status of the blast furnace.
Hoa Phat also kept its latest domestic quotes for domestic deliveries unchanged. Its non-skin passed SAE1006 or SS400 grade HRC for July delivery was set at the equivalent of around $511/t cfr southern Vietnam, excluding VAT. In VND terms, the latest price of VND 13,390/kg cfr southern Vietnam is unchanged from last month. (see Kallanish passim).
Source:Mysteel Global
