With the increase in local demand in Vietnam, imported HRC (hot rolled coil) prices increased. For this reason, Japan and China steelmakers increased their price offers for the first time.
Hoa Phat and Formosa Ha Tinh have exhausted their allocations for September 2023 sales despite a price increase of $10-15/t m-o-m to $578/t CIF and $595/t CNF Ho Chi Minh City (HCMC) respectively.
A Vietnamese trader said in an interview with SteelRadar that: "They are full of allocation for the orders last months in time of bottom, but personally the markets will be down here soon."
Recently, China's taking various steps to revive the sector has given hope to market participants. Even if there is hope, the direction of the market is not clear yet.
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