[SMM Steel] Indonesian Price Cuts Hit ASEAN; Vietnamese Domestic HRC Forced to Follow Suit

Published: Aug 6, 2026 14:30

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[Vietnam] Amid weak market demand, Indonesian steelmakers have sharply lowered their offers to stimulate exports, while Chinese material held steady amid thin trading. Dragged down by lower-priced transactions, Vietnamese hot-rolled coil (HRC) import quotes slipped slightly to 505 USD/tonne CFR. According to SMM research, an Indonesian mill recently concluded a 30,000-tonne HRC order to Vietnam at 507 USD/tonne CFR; meanwhile, Indian HRC export offers to Vietnam were maintained at 510 USD/tonne CFR. The influx of low-priced imports has placed immense pressure on domestic Vietnamese steelmakers, forcing a major mainstream mill to proactively lower its quotes. Given the persistently sluggish end-user demand, Vietnamese buyers are largely maintaining a wait-and-see stance and are in no rush to place procurement orders.

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