Vietnam's hot-rolled coil (HRC) import market remains stable as market participants assess China's recent reinstatement of export licensing. Although Chinese domestic prices have slightly increased, export offers to Vietnam remain stable. Local traders are taking a wait-and-see attitude, uncertain about the complexity of the new Chinese application process.

The decrease in unofficial export activity from China keeps supply dynamics in check. Meanwhile, other regional suppliers from India, Indonesia, and Malaysia maintain their previous pricing.

Although high raw material costs give some support, weak downstream demand prevents any upward movement. All eyes remain on how Chinese authorities approve licenses and how these regulations will impact the market come January.