The Vietnamese steel market faces mounting internal and external pressures. Continuous flooding since early November has paralyzed transportation and weakened already fragile demand, making short-term recovery unlikely. 

Meanwhile, intensified price competition from Asian suppliers, including Japan, South Korea, Indonesia, and India, has driven hot-rolled offers to Vietnam below key psychological levels.

These low import prices threaten local mills’ ex-factory rates, fueling bearish sentiment and prompting buyers to adopt a wait-and-see approach. Market expectations suggest Vietnamese mills will struggle to maintain current hot-rolled prices in upcoming openings.