[Hoa Phat Posts VND 15.48T H1 Profit, Reaches 70% of 2026 Target]

[Sheets & Plates] Today, export prices of hot-rolled coil and other sheets & plates rose narrowly by $1/mt day-on-day, with HRC transaction prices ranging from $485 to $489/mt. Overseas slab prices in Indonesia fell to $465/mt today, while domestic prices in China remained at $470/mt. However, it is learned that this price has basically hit the domestic cost line, and the possibility of domestic steel mills lowering prices further is relatively small.

Thai Nguyen Iron and Steel (TISCO) reported first-half 2026 revenue of VND 6.9 trillion, up 10.8% year-on-year, while pre-tax profit climbed more than 2.5-fold to over VND 33 billion, exceeding its full-year profit target by more than five times. However, the company remains under significant financial strain from its long-delayed Phase 2 expansion project, which has been suspended since 2013. Unfinished construction assets linked to the project total VND 6.66 trillion, while capitalized interest has reached VND 3.42 trillion, or more than half of the project's investment value. With total liabilities of VND 9.29 trillion, financial borrowings of VND 4.39 trillion, and cash nearly halved to VND 69.8 billion, TISCO continues to face heavy debt and liquidity pressures despite its improved operating performance.

[SMM Steel] Market feedback indicates that for HRC Q235B with September shipment, specification 3.0*1250*C, the FOB transaction price was $475/mt, loading port Jingtang Port, destination country Southeast Asia.