Vietnam's Formosa Ha Tinh Cuts September 2026 HRC Offer Prices by $8/ton

en.Wedoany.com Reported - Vietnamese steel producer Formosa Ha Tinh (FHS) has lowered its hot-rolled coil (HRC) offer prices for September 2026 delivery by approximately $8/ton (equivalent to VND 209,949/ton), following Hoa Phat Steel's earlier price cut earlier this month. After the adjustment, FHS's SAE1006 skin-passed HRC is offered at approximately $522/ton CFR Ho Chi Minh City (VND 13,700,709/ton) for orders exceeding 20,000 tons, compared with $530/ton CFR (VND 13,913,817/ton) for August under the same conditions.

The price adjustment is primarily driven by persistently weak domestic demand in Vietnam, with buyers maintaining hand-to-mouth purchasing amid cautious market sentiment. Meanwhile, competitively priced import offers continue to erode domestic mills' pricing power, forcing producers to lower quotations to secure orders.

Pressure from the import side continues to intensify. Indian HRC export offers to Vietnam have dropped to approximately $505/ton CFR Ho Chi Minh City, down $10/ton from $515/ton last week and $19/ton below July levels, further squeezing the bargaining power of local Vietnamese producers.

The latest round of price cuts indicates that Vietnamese steel mills are facing dual pressure from weak buying interest and low-priced import competition, with domestic HRC prices remaining under pressure in the near term.