7.2 SMM Global Steel Daily Report

Published: Jul 2, 2026 18:18

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[Vietnam] Vietnam HRC centre falls under low-priced imports and weak demand

Offers for 2mm SS400 and SAE1006 coil into Vietnam held at 540-550 USD/tonne CFR. Hoa Phat cut prices sharply this month,

largely due to fierce low-priced import competition, plunging 34 USD/tonne from the prior month to 550-551 USD/tonne (delivered

domestic port), which the market is now digesting. Vietnamese HRC is expected to stay under pressure near term.

[India] Alang breaking scrap steady, finished-steel demand weak

Indian Alang HMS (80:20) breaking scrap held at about 400 USD/tonne EXW. In Gujarat's Bhavnagar, billet fell to about 480

USD/tonne DAP and rebar held at about 539 USD/tonne EXW; in north India's Mandi, billet slipped to about 502 USD/tonne DAP,

rebar eased to about 558 USD/tonne EXW, and HMS scrap dipped to about 413 USD/tonne DAP. With weak downstream demand

and need-based mill buying, scrap prices may stay soft near term.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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