Vietnamese steelmaker Hoa Phat Group on Jan. 2 cut its monthly domestic hot-rolled coil offers by $7/mt on general weakness in steel prices and slow demand, according to market participants.

The mill is offering SS400 and SAE1006 coils without skin pass at Dong 13,190/kg, or $518/mt, CIF North and Central Vietnam for March and April shipment, market participants said. The company’s offer to south Vietnam was Dong 13,220/kg, or $519/mt CIF. These prices do not include value added tax. Market participants said the mill’s move was as expected, considering the demand slowdown in both the domestic and export markets.

“There have also been large volumes of Chinese imports in recent weeks so that certainly weighed on demand,” a Vietnam based trader said.

Vietnamese importers have been buying December and January shipment cargoes in expectation of the antidumping duty by the Vietnamese authorities to be imposed in February.

On the other hand, trader sources said considering that Chinese imports will significantly decline, Hoa Phat’s offers

should be reasonable to domestic buyers unless there are lower offers from Japan or South Korea.

Platts, part of S&P Global Commodity Insights, assessed SAE1006 HRC at $485/mt CFR Vietnam on Jan. 2, down $18/mt month over month.

-- S&P Global Commodity Insights