[SMM Sheets & Plates Daily Review] Futures First Declined Then Rebounded, Short-term Trend Unchanged

[Vietnam] Vietnam’s steel market remained largely sideways as market participants adopted a wait-and-see approach ahead of further policy developments. Construction steel prices held at around 531 USD/tonne EXW, while HRC prices remained at approximately 515–522 USD/tonne CFR Ho Chi Minh City, with limited price movement amid cautious buying sentiment. Market participants are closely monitoring exchange-rate developments. Meanwhile, the market is also awaiting the Vietnamese government’s final decision on the proposed new tax scheme covering mineral products, including iron ore. Until greater clarity emerges on both exchange rates and the tax framework, buyers and sellers are expected to remain cautious, limiting significant price movements in the near term.

Quang Ngai authorities have asked the Dung Quat Economic Zone and Industrial Parks Management Board to urgently identify a new suitable location for Vietnam Steel Corporation (VNSteel)’s proposed high-quality steel sheet production project in Dung Quat Economic Zone. The project, proposed for an area of around 20 hectares in the eastern Dung Quat Industrial Park, aims to develop steel products without discharging industrial wastewater, with wastewater collected, treated and recycled. The initially proposed site overlaps with three previously approved investment projects that remain valid. Provincial Chairman Nguyen Duc Tam instructed the management board to identify and report a new location to the provincial government by August 30, allowing VNSteel to conduct further surveys and prepare for implementation.