Rio Tinto Reiterates China’s Importance in Stabilising Global Iron Ore Market

[SMM Steel] Hoa Phat Group reported a sharp increase in HRC orders in April, with inventories declining significantly and demand expected to rise further. Q1 HRC sales grew 24% YoY to 2.36 million tons, while exports doubled to 416,000 tons. The surge is driven by Vietnam’s AD duties on Chinese HRC (up to ~27.8%), strong domestic construction demand, and reduced Iranian slab exports, which boosted demand for finished HRC. Prices have increased ~8% YTD, with April offers raised by ~$34/t, while export margins remain attractive, with US-bound prices $40–50/t higher than domestic.

[SMM Steel] Hoa Phat Group reported Q1 2026 revenue of VND 53.3 trillion and net profit exceeding VND 9 trillion, with management expecting better results in the coming quarters. Core steel operations contributed about VND 5.2 trillion, while VND 3.8 trillion came from a one-off project transfer. The company targets VND 210 trillion revenue and VND 22 trillion profit in 2026 (+33% and +42% YoY). Expansion continues, including a 6 mtpa integrated steel project (expected by 2030) and a rail steel project targeting first output in Q2 2027, supported by strong domestic demand and public investment.