AsemconnectVietnam - According to the Mercantile Exchange of Vietnam (MXV), the metal price is up in the domestic market.

 From February 1 to 15, Vietnam exported more than 303,000 tons of steel products, which doubled compared to the same period a year ago. These exports were valued at US$227.5 million, up by 63.5%.
China's property industry is recovering and stabilizing, leading to more need for construction steel. This is a good sign for Vietnam’s construction steel and copper prices.
Vietnam’s scrap imports surge in Feb
According to statistics from the General Department of Vietnam Customs, Vietnam’s scrap imports surged by 126% month on month to around 482,600 tons in February this year. The increase in procurement was mainly due to optimistic expectations for the finished steel market.
Among the imports, the volume from Japan was up by 70% and that from the US even soared by 226%, both compared to the previous month.
In the first two months of this year, Vietnam imported around 682,400 tons of scrap, a year-on-year increase of 32.4%.
Vietnam’s Hoa Phat raises hot-rolled steel price for Apr
After Vietnam’s Formosa Ha Tinh Steel Corporation (FHS) announced to hike hot-rolled prices by US$62/ton for April, Hoa Phat Group also increased its prices by around US$40-50/ton for April, which has been raised by about US$100 in two months.
The price difference between Ha Tinh Steel and Hoa Phat is merely US$15-20/ton currently. Supported by costs, Ha Tinh Steel was expected to further increase its prices for May in the middle of this month.
Vietnam’s Hoa Sen forecasts after-tax profit in 2023 to drop to 10-year low
Hoa Sen Group, a leading company in the field of manufacturing and trading steel sheet in Vietnam, forecasted that because of export difficulties, its after-tax profit might drop to between VND100 billion and VND300 billion, which might hit a record low over the past ten years.
In 2023, the company's sales of finished products were expected to reach 1.4 million tons to 1.5 million tons, and the sales revenue would be VND34 trillion to VND36 trillion.
Besides, tightened monetary policies, high interest rates, and unstable foreign exchange rates will also impact Hoa Sen’s production and operation.
Formosa Ha Tinh Steel hikes prices for Apr
Vietnam’s Formosa Ha Tinh Steel Corporation (FHS) announced its new prices for April yesterday, of which the price of hot-rolled steel was up by US$62/ton and that wire rod was hiked by US$50/ton, with estimated delivery in March and April.
The increase was beyond market expectations. Market participants said the upward adjustment was mainly due to obviously higher import prices.
FHS said that the US dollar index is now staying at a relatively stable level after it dropped from a high point. The current prices of raw materials, such as coal and iron, are still on the rise, coupled with stronger demand across the world, the international steel market keeps at an upward and stable trend.
Vietnam maintains AD measure on China’s cold-rolled steel products
Vietnam's Ministry of Industry and Trade issued Decision 132/QD-BCT, maintaining the anti-dumping (AD) measures on some cold-rolled steel products in coils or sheets originating in China. Therefore, the AD duty will continue to be imposed based on Decision No. 3390/QD-BCT made on December 21, 2020, with duty rates ranging from 4.43% to 25.22%.
The products involved are classified under HS codes 7209.16.10, 7209.16.90, 7209.17.10, 7209.17.90, 7209.18.91, 7209.18.99, 7209.26.10, 7209.26.90, 7209.27.10, 7209.27.90, 7209.28.10, 7209.28.90, 7209.90.90, 7211.23.20, 7211.23.30, 7211.23.90, 7211.29.20, 7211.29.30, 7211.29.90, and 7225.50.90.
T.Huong
Source: Vitic/Yieh