[Vietnam] Vietnam’s domestic steel market remained relatively stable, with construction steel prices holding at around 532 USD/tonne amid limited exchange-rate fluctuations. HRC prices stood at around 515–522 USD/tonne CFR Ho Chi Minh City, with prices remaining under pressure from subdued downstream demand and cautious buying sentiment. As weaker exports and increasing trade remedies limit overseas sales, the domestic market remains a core revenue driver, supported by expanding public investment and urbanisation. With the government holding more discussions and consultations on trade-remedy measures, Vietnam’s domestic steel market is expected to receive greater protection from low-priced imports. Measures under consideration include tighter quality requirements to ensure imported steel complies with Vietnamese standards before entering the market, which could help improve the competitiveness of domestic producers.

Slovak steelmaker U.S. Steel Košice (USSK) produced 1.79 million short tons of steel in the first half of 2026, down 7% year on year. Its capacity utilization rate fell by 5 percentage points to 72%, while steel shipments declined 8% to 1.58 million short tons. In the second quarter, steel production and shipments decreased 4% and 6%, respectively. Despite the lower output, USSK’s first-half net revenue rose 6% year on year to $1.49 billion, while EBITDA increased 40% to $108 million, supported mainly by higher steel prices, a more favorable product mix and foreign-exchange movements. This suggests that improved profitability temporarily offset the pressure from lower production. The company has applied to build an EAF at its Košice site. If the project is ultimately approved and replaces part of the plant’s blast-furnace capacity, it could create structural downside risks for USSK’s medium- to long-term coking coal and coke demand.

[SMM Coking Coal and Coke Daily Commentary] Coking Coal Market: Low-sulphur coking coal in Linfen was quoted at 2,000 yuan/mt. For coking coal, mine production resumptions remain constrained by safety regulations, limiting supply growth. Downstream inventory is not high, with some restocking demand, providing support for coking coal prices. Online auction sentiment continued to recover, and the short-term coking coal market is likely to consolidate on a strong note. Coke Market: The nationwide average price of quasi-first-grade metallurgical coke – dry quenched was 1,925 yuan/mt. Supply side, high costs and the third round of coke price cuts created a double squeeze, pushing most coke producers into losses. In response, they proactively made modest production cuts. However, some coke producers faced sluggish shipments, leading to a certain degree of inventory buildup. Demand side, a rebound in finished steel prices eased pressure on steel mills, and their production enthusiasm was moderate, leading to an increase in actual rigid demand for coke. Overall, with both supply and demand weak, the supply-demand imbalance in coke fundamentals eased somewhat. With strong cost support, the short-term coke market is likely to enter a temporary stable phase. [SMM Steel]

[Vietnam] Vietnam’s domestic steel market remained relatively stable, with construction steel prices holding at around 533 USD/tonne as exchange rates and market conditions were largely unchanged. HRC prices stood at around 515–522 USD/tonne CFR Ho Chi Minh City following Formosa Hà Tĩnh’s latest price announcement, while subdued demand continued to weigh on the market. Meanwhile, Malaysia’s Ministry of Investment, Trade and Industry (MITI) initiated an expiry review of anti-dumping duties on pre-painted steel coils from China and Vietnam, with a final determination expected within 180 days. The review could affect regional coated steel trade flows and supplier competitiveness.

[Vietnam] Vietnam’s domestic steel market came under further pressure as weak demand prompted major mills to lower prices. Formosa Hà Tĩnh (FHS) cut its HRC price by around 8 USD/tonne for September 2026 delivery, with finished SAE1006 HRC now priced at approximately 522 USD/tonne CFR Ho Chi Minh City for orders exceeding 20,000 tonnes, down from 530 USD/tonne for August sales following Hòa Phát’s price reduction earlier this month. Competitive imports from countries like India are adding further pressure on domestic producers, indicating continued downside risks for Vietnam’s HRC market. Meanwhile, construction steel prices remained stable, with rebar hovering at around 533 USD/tonne, protected by trade-remedy measures, tighter technical barriers and project linked sales

[SMM Steel] India Steel Daily: Export Offers Firm, Domestic Billet Prices Stable [India] On Monday, the Indian steel market was overall sluggish, and due to cautious purchasing, domestic semi-finished steel prices stayed largely stable. Mandi Gobindgarh MS billet and ingot prices held firm at $443/mt (42,200 rupees/mt). In the flat steel market, India's domestic hot-rolled coil (HRC) price was about $598/mt (57,000 rupees/mt) ex-works Mumbai. It is reported that Indian HRC sellers remain resistant to enquiries from Southeast Asian buyers, with seller target offers at about $515/mt CFR, higher than current buyer bids. In some markets, domestic ingot prices weakened. Specifically, Bhavnagar ingot prices fell by $2/mt (200 rupees/mt) to $423/mt (40,300 rupees/mt); Bhiwadi prices fell by $3/mt (300 rupees/mt) to $427/mt (40,700 rupees/mt). India's billet export offers are reportedly around $455/mt FOB, but market trading activity remains limited.