[Hoa Sen Expands to India Amid Tightening Export Barriers]

Published: Jul 20, 2026 18:24

Save

In July 2026, Hoa Sen Group (HSG)'s board approved setting up a representative office in Mumbai, opening a foothold in one of the world's fastest-growing steel demand markets. Mr. Le Duc Tung was appointed to head the new office.

The move comes as Hoa Sen's coated steel (galvanized sheet) exports face mounting headwinds in key markets, the US, Canada, Brazil, and the EU all maintain trade defense measures. Per data from the Vietnam Steel Association (VSA), Hoa Sen's Q1/2026 coated steel sales volume fell 19% yoy, driven mainly by a 41% export slump

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

5 hours ago

MMi Daily Iron Ore Report (September 7)

Iron ore futures traded firmer today. The DCE most-active contract I2701 settled at RMB 734.5/mt, up 1.17% from the previous trading day. Spot prices at Qingdao Port rose by an average of RMB 1-9/mt. Traders were only moderately active in offering, while mills were largely on the sidelines, leaving overall spot trading activity subdued.

5 hours ago

6 hours ago

[Brief Comment on Domestic Iron Ore] Iron ore concentrate prices in Shandong may edge up slightly

This week, mines and beneficiation plants in the Shandong region quoted 820 for 64-grade alkaline powder on a dry basis, before tax, with acceptance payment at the mine, up 10. Steel mills raised prices in tandem. Most miners are producing normally, with a few undergoing routine monthly maintenance. Hebei steel mills showed moderate purchasing interest. Mines and beneficiation plants held no inventory, and small plants and traders shipped against scheduled orders. This week, regional resources were tight.

6 hours ago

[SMM Steel] Vietnam HRC Offers Rise on Near-Term Supply Concerns

[Vietnam] Imported HRC offers in Vietnam strengthened following a fire incident at a major domestic steel complex, which raised expectations of tighter near-term supply. Offers for Indonesian-origin SAE1006 HRC increased to approximately USD 548–558/tonne CFR Vietnam, while the ASEAN HRC assessment rose by USD 8/tonne to USD 535/tonne CFR Vietnam. Another major Vietnamese producer was also expected to raise its selling prices and reduce allocations. However, buyers remained cautious toward the higher offers, and market acceptance has yet to be fully tested.

6 hours ago