Since mid-October, the hot-rolled coil (HRC) import market in Vietnam has been slowing down amidst weak demand from both domestic and overseas markets.
Demand was low from the downstream industry. Recently, steel consumption in the Vietnamese market has been slowing down. European purchases were decreasing and the high cost of energy was dampening demand, thus creating a negative impact on Vietnamese steel exports.
Although Formosa Ha Tinh Steel Corporation (FHS) and Hoa Phat jointly reduced their HRC prices, they are unable to attract much buying sentiment. Many steel mills in the country were forced to reduce production due to weak construction activity and a lack of overseas demand.
Vietnamese mills are turning to export. The Vietnamese steel market is a major global HRC import market but has started to look for overseas export markets.
Source: YIEH
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