Vietnam: Formosa Ha Tinh raises HRC offers for May'26 sales

• Hoa Phat increases HRC prices for May'26 sales
  
  
• Demand recovery supports prices, margins under pressure
  
  

Leading Vietnamese steel manufacturer, Formosa Ha Tinh (FHS), has raised its hot-rolled coil (HRC) prices by around $32/t (842,827 VND/t) for sales in May 2026. Post adjustment, FHS's HRC (SAE1006, skin-passed) is now priced at approximately $550/t (14,486,647 VND/t) Ho Chi Minh City (HCMC) compared with $518/t (13,641,917 VND/t) in April 2026.

Market updates

1. Global steel majors keep HRC prices high: Major Vietnamese steel producer Hoa Phat Group has increased its HRC (SAE1006, non-skin-passed) prices by $30/t (VND 790,580/t) m-o-m for May'26 sales. Prices in the southern region stood at $547/t (VND 14,420,000/t), excluding VAT. Rising global steel prices, an uptick in Chinese offers, and higher production costs, driven by ongoing geopolitical tensions and elevated oil prices, prompted the hike.

Furthermore, Baosteel, the world's largest steel producer, has increased its HRC prices by RMB 100/t ($15/t) m-o-m for May sales compared with prices in April. This marginal price rise is due to an increase in SHFE HRC futures by RMB 37/t ($5/t) m-o-m to RMB 3,257/t ($477/t) as on 10 April.

2. Domestic market overview: The Vietnamese steel market is witnessing a strong recovery in domestic demand, post-Tet holiday restocking and improved sectoral consumption. However, market sentiment remains cautious as manufacturers grapple with severe margin compression. Rising volatility in scrap and iron ore prices, coupled with elevated energy and logistics costs, has intensified the burden of cost-push inflation. In response to these supply chain pressures, Vietnamese mills have recently hiked their domestic prices.

Outlook

Vietnam's HRC prices are expected to remain firm in the near term, supported by improving domestic demand, elevated input costs, and global price strength. However, margin pressures and raw material volatility may keep sentiment cautious and limit sharper price increases.