[SMM Steel]

[Vietnam] Vietnam’s domestic steel market came under further pressure as weak demand prompted major mills to lower prices. Formosa Hà Tĩnh (FHS) cut its HRC price by around 8 USD/tonne for September 2026 delivery, with finished SAE1006 HRC now priced at approximately 522 USD/tonne CFR Ho Chi Minh City for orders exceeding 20,000 tonnes, down from 530 USD/tonne for August sales following Hòa Phát’s price reduction earlier this month. Competitive imports from countries like India are adding further pressure on domestic producers, indicating continued downside risks for Vietnam’s HRC market. Meanwhile, construction steel prices remained stable, with rebar hovering at around 533 USD/tonne, protected by trade-remedy measures, tighter technical barriers and project linked sales

[SMM Steel] India Steel Daily: Export Offers Firm, Domestic Billet Prices Stable [India] On Monday, the Indian steel market was overall sluggish, and due to cautious purchasing, domestic semi-finished steel prices stayed largely stable. Mandi Gobindgarh MS billet and ingot prices held firm at $443/mt (42,200 rupees/mt). In the flat steel market, India's domestic hot-rolled coil (HRC) price was about $598/mt (57,000 rupees/mt) ex-works Mumbai. It is reported that Indian HRC sellers remain resistant to enquiries from Southeast Asian buyers, with seller target offers at about $515/mt CFR, higher than current buyer bids. In some markets, domestic ingot prices weakened. Specifically, Bhavnagar ingot prices fell by $2/mt (200 rupees/mt) to $423/mt (40,300 rupees/mt); Bhiwadi prices fell by $3/mt (300 rupees/mt) to $427/mt (40,700 rupees/mt). India's billet export offers are reportedly around $455/mt FOB, but market trading activity remains limited.

[India] India’s steel market remained subdued on Monday, with domestic semi-finished prices largely stable amid cautious buying. MS billet and ingot in Mandi Gobindgarh were unchanged at 443 USD/tonne (42,200 INR/tonne). In the flat steel market, domestic HRC was around 598 USD/tonne (57,000 INR/tonne) EXW Mumbai. Indian HRC sellers were heard resisting bids from Southeast Asian buyers, with sellers targeting around 515 USD/tonne CFR against lower buying indications. Domestic ingot prices weakened in some markets, with Bhavnagar falling by 2 USD/tonne (200 INR/tonne) to 423 USD/tonne (40,300 INR/tonne) and Bhiwadi declining by 3 USD/tonne (300 INR/tonne) to 427 USD/tonne (40,700 INR/tonne). Indian billet export indications were heard at around 455 USD/tonne FOB, although trading activity remained limited.