AsemconnectVietnam - On July 5, a number of steel manufacturers lowered D10 CB300 rebar prices by 100,000 – 300,000 VND/tonne to 14.06 – 15.1 million VND/tonne. CB240 coil price remained unchanged in all three regions.

Specifically, Hoa Phat steel company lowered 100,000 VND/tonne D10 CB300 rebar in all three regions of North, Central and South to 14.38 million VND/tonne, 14.24 million VND/tonne and 14.34 million VND/tonne, respectively. The price of CB240 coil remained unchanged compared to the previous adjustment period, at 13.84-14.12 million VND/tonne.
Similarly, Vietnam-Italy steel brand also reduced by 100,000 VND/tonne D10 CB300 rebar line to 14.14 million VND/tonne. CB240 steel coil is not adjusted, keeping the price of 13.74 million VND/tonne.
The price of D10 CB300 rebar of the Southern steel brand decreased by 100,000 VND/tonne to 14.92 million VND/tonne. CB240 steel remained unchanged at 14.82 million VND/tonne.
In this adjustment period, Pomina brand adjusted to reduce 100,000 VND/tonne with D10 CB300 rebar to 15.1 million VND/tonne. CB240 coil price was flat at 14.79 million VND/tonne.
Tight power supply still affects steel market
Although the power crunch caused by high temperatures and drought has eased, it still has an impact on the steel market. Downstream demand has declined, and inventories have reached a relatively high level, thereby reducing import purchases. Vietnamese steel mills are looking for more export opportunities.
On June 22, Vietnam Electricity (EVN) announced that the electricity supply is sufficient for Northern Vietnam as water levels rise in hydroelectric dams. However, EVN also warned that because there is no excess energy supply in Northern Vietnam, there may still be a shortage of power supply in the future.
Steel exports to Singapore increase in May m-o-m
According to statistics from Vietnam’s customs, in May, Vietnam’s steel exports to Singapore increased by 12.87% month on month to over US$39.8 million. Meanwhile, the total of Vietnam’s steel exports amounted to over 1.1 million tons, and the value was above US$931 million.
In the first five months, Vietnam’s steel exports to Singapore were merely around over US$40.8 million, falling by 70% year on year. At the same time, the whole Vietnam’s steel exports were over 4.3 million tons, increasing by 10.4% year on year.
Scrap imports fall in May m-o-m
According to statistics from the General Department of Vietnam Customs, Vietnam’s scrap imports totaled around 302,000 tons in May this year, falling by 49.4% compared to the preceding month.
Meanwhile, the country imported approximately 838,000 tons of steel products, a month-on-month decrease of nearly 19%.
In the first five months of this year, Vietnam’s scrap imports amounted to 2.14 million tons, a year-on-year increase of 8.3%. Steel imports decreased by 12.4% year on year to 4.6 million tons.
Stainless steel round wires not evade AD duty from US
The US Department of Commerce (USDOC) determined that the US imports of stainless steel round wire from Vietnam are not circumventing the anti-dumping duty (AD) order on stainless steel wire rods from South Korea.
The conclusion kept the same as the preliminary determination made by the USDOC on December 2022.
The deadline for the final ruling on this circumvention inquiry was extended by the USDOC to May 24, 2023.
Hoa Phat group's crude steel production decreases in Jun y-o-y
The largest steel manufacturer in Vietnam, Hoa Phat Group, reported that crude steel production in June was about 520,000 tons, down by 23% from the same month a year ago.
Meanwhile, the sales volume of construction steel, billet, and hot-rolled coil (HRC) reached 540,000 tons, a year-on-year decrease of 4%.
In the first six months of 2023, Hoa Phat produced around 2.86 million tons of crude steel, a 34% decrease from the same period of the previous year. Construction steel, billet, and HRC sales totaled 2.9 million tons, a 27% decrease from the first six months of 2022.
In the first half year, Hoa Phat's construction steel production decreased by 30% year on year to more than 1.6 million tons.
Compiled by T.Huong
Source: Vitic/Yieh