This week, one of Vietnam’s steel mills, Formosa Ha Tinh Steel, decided to cut the price of hot rolled steel (HRC) by $ 20 per ton.
However, the current Vietnamese HRC market was full of cheap HRC from India and Russia, which could push Formosa Ha Tinh Steel to further lower prices to stabilize orders.
Not only in Vietnam, but also in China, there was also a low demand for HRC, which could also increase their exports in order to balance supply, and which would further affect the market price abroad.
Regardless of Formosa Ha Tinh Steel or Russian steel mills, HRC margins in Asia have been very low lately, and Japanese mills are still watching the future trend and expect a rebound.
