[SMM Steel] Hoa Phat sees surge in HRC orders, demand expected to accelerate in 2026

Published: Apr 21, 2026 17:49

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[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.

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