Updates HRC Price from Vietnam Steel Manufacturer – Hoa Phat Steel – Formosa – GTS Steel

= The company may maintain current prices of $610-620 CFR =

Although Formosa Ha Tinh Steel (FHS) of Vietnam lowered its domestic prices of hot-rolled (HR) steel coils by US$10 in dollar equivalent for March shipment, it has not affected the Asian export market. Ofer prices of $610-620 CFR by Indian steelmakers are still dominant.

FHS originally raised its domestic prices of HR coils by $25-30 ditto to $640 ditto for March shipment. However, as Indian steelmakers are actively ofering such products for Vietnam, the company reduced its prices by $10 ditto in order compete with them.

As compulsory specifications applied to HR coils exported to India are revised from January 1, Chinese and Vietnamese steelmakers conducted last-minute exports to India for December shipment, of which quantity reached 650 thousand tons in total being uncertain for quantity by country. In India, as there is the presidential election in May this year, a pace of approvals for projects is falling, and demand for steel products is said to begin slightly to decline. From these reasons, HR coils in that country have been diverted to export, and therefore, Indian steelmakers

are thought to have appeared in the Asian market of HR coils after so long.

Meantime, in India, although domestic prices of own iron ore are cheap, prices of import coking coal are soaring. Under the situation, Indian steelmakers are unlikely to be able to export steel products at not so cheap prices. Current prices of $610-620 CFR are seen to be limits. Although there is information for Chinese small and medium traders are ofering HR coils reducing prices by $5-10, prices of HR coils in Asia are unlikely to collapse.

Korea’s POSCO seems to be suspending export ofers for March shipment in order to enter relining of No. 4 blast furnace at its Pohang Steelworks. Ofers of this week by Rizhao Steel and Benxi Iron and Steel of China are unlikely to appear yet but a source is speculating for them to leave their prices

unchanged as with last week.

Hoa Phat Posts Consolidated PAT of VND 6.8T for 2023
= Making a recovery in the second half after a stagnant frst half =

Vietnam’s steel manufacturer Hoa Phat Group announced on the 22nd its business results for the fourth quarter of 2023 (4Q23). Sales Revenues stood at VND 34.9250 trillion (approx. USD 1.422 billion at USD1=VND 24565.0), up 33% year-on-year (y/y). Proft After Tax stood at VND 2.9690 trillion
(USD 121 million), up 3.5 times (249%) y/y.

According to the Group’s consolidated full-year results for Jan-Dec 2023, Sales Revenues stood at VND 120.3550 trillion (USD4.899 billion), down 12% y/y. Proft After Tax stood at VND 6.8000 trillion (USD 277 million), with only 85% of the annual plan achieved.

The crude steel production for Jan-Dec 2023 stood at 6.70 million tons (Mt), down 10% y/y. The total sales of steel products (excluding steel pipes and zinc-coated sheet) stood at 6.72 Mt, down 7% y/y. Othe total, 3.78 Mt were for construction, down. 11% y/y, and 2.80 Mt were hot rolled coil (HRC), up
6% y/y.

Due to sluggish demand both at home and overseas, both steel sales volume and steel prices fell in the frst and second quarters, resulting in a signifcant y/y decline in Sales Revenues. At the end of the frst half, only 23% of the annual plan had been achieved, indicating a possibility of a significant deterioration in business performance. However, the performance made some recovery in the second half, supported by somewhat recovered demand due to the government’s investment into infrastructure, as well as increased sales in the agriculture and home appliance sectors.

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If you are looking for HRC, Coated steel sheet in coils (GI, GL, PPGI, PPGL) and steel pipe products from manufacturers in Vietnam, kindly send your enquiry to us.

We believe that we will find the best quotation for you:

GTS Steel Pacific Ltd
Email: luanov@gtssteel.com
Whatsapp: +84907112447
Website: https://gtssteel.com/

See more:
– Top coated steel manufacturers in Vietnam
– Top galvanized steel manufacturers in Vietnam