Vietnamese steelmaker Hoa Phat Group on Nov. 3 slashed its domestic hot-rolled coil offers for January and February shipment by $9/mt amid the general weakness in the domestic market, several market sources confirmed to Platts, part of S&P Global Commodity Insights.

The company wasn’t immediately available for comment on the matter.

The mill is offering SS400 and SAE1006 coils without skin pass at Vietnamese Dong 13,650/kg, or $519/mt, CIF North and Central Vietnam for January and February shipment. Its offer to South Vietnam was Dong 13,680/kg, or $520/mt CIF.

These prices do not include the value added tax. Sources said the mill’s move to slash offer prices was in line with market expectations, with many saying it aligned with the general downtrend in China and was driven by tepid domestic demand in Vietnam.

A Vietnam-based trader said the price drop was “good enough,” but noted that demand was still weak, making it difficult to induce buying interest.

Hoa Phat’s latest price was still high when compared with import offers, a second Vietnam-based trader said.

For the SAE1006 grade, import offers were heard at as low as $500/mt CFR Vietnam, with tradable levels at $495-$500/mt CFR. Platts assessed SAE1006 HRC at $495/mt CFR Southeast Asia on Oct. 31, down $2/mt week over week.