[SMM Steel] Indian Steel Market Largely Flat; Regional HRC and Imported Scrap Offers Rise

[Vietnam] Vietnam’s steel market remained relatively stable, with construction steel prices easing slightly to around 530 USD/tonne EXW as the depreciation of the VND lowered the USD-denominated price, while prices in VND remained largely unchanged. HRC prices stood at approximately 514–521 USD/tonne CFR Ho Chi Minh City due to the same exchange-rate effect. The market could gradually shift from weak demand in late August toward expectations of a recovery during the upcoming peak season, with pre-season inventory restocking ahead of September potentially providing a phased boost to steel prices. Major mills are also expected to announce their new prices this week ahead of the September 2 Independence Day holiday, which could provide a clearer indication of the near-term price direction.

India-based Welspun Corp Limited has secured the largest single order in its history, valued at approximately 1.8 billion USD (172 billion INR), for the supply of pipes from its US manufacturing facility. The order will be executed across FY2028 and FY2029 and is expected to strengthen the company’s multi-year revenue visibility and position in the North American energy-infrastructure market. Following the award, Welspun Corp’s global order book has reached a record 4.4 billion USD (421 billion INR), the highest level in the company’s history.