Hoa Phat, Vietnam’s largest steelmaker, raised its hot-rolled coil (HRC) prices by US$50 per ton, reaching levels that exceeded market expectations. This move shows a stronger pricing floor across Asia, driven by high iron ore and coal costs. Market participants believe this trend increases the likelihood of a price hike for China Steel Corporation (CSC)’s June bookings to account for heavy production expenses.

In addition to raw material pressure, reduced competition from low-priced imports and steady regional demand support the increase. This price upward adjustment impacts downstream products, including cold-rolled and galvanized steel, across Southeast Asia.

With global supply chains tightening due to environmental and geopolitical factors, the price hike reflects a broader recovery in steel valuations. The steel industry now watches for similar moves from other major regional mills.