Chinese steel mills have raised prices for hot-rolled coils (HRC) in the Vietnamese market, spurred by the rise in 2024/January futures prices on the Shanghai Futures Exchange (SHFE). The positive sentiment in the Chinese market has driven the trading atmosphere of HRC in Vietnam. Coupled with significant improvement in local demand, the increase in construction projects, and the recovery of the manufacturing industry, buyers are actively replenishing inventory before the Lunar New Year.

Previously, Formosa Ha Tinh Steel increased the HRC price for 2024/January delivery. Under the global price-up trend, Formosa Ha Tinh Steel's new rate is still competitive. However, recent price increases have been driven by SHFE futures prices, and the short-term prospects for the Vietnamese market remain unclear.