[Vietnam] ASEAN hot-rolled coil (HRC) import offers ticked down to 535 USD/tonne CFR this week, with overall regional trading activity remaining deeply subdued in the thick of the seasonal doldrums. Facing an intersection of weak end-user demand and competitive import alternatives, local producers in Vietnam have been forced to lower their quotes to stimulate sales. However, as the substantial price reductions by the two major domestic mills last week were widely anticipated and import offers from international traders continue to hold a price advantage, local buyers showed little urgency to restock and largely maintain a strict wait-and-see stance. Notably, only isolated Indian HRC deals were reported closed at 525 USD/tonne CFR recently. Overall, given the reality of high regional inventory levels and sluggish downstream consumption, flat steel prices in Vietnam and neighboring nations will continue to face near-term headwinds.

[SMM Analysis] Indonesia's May Sulphur and Sulphuric Acid Import and Export Data

In May 2026, Indonesia's monthly total sulphur imports stood at 277,834.30 mt in physical content, up 3.9% MoM and down 55.80% YoY, with the main importing countries being China, Vietnam, the UK, India, Singapore, Spain, Turkmenistan, Turkey, Saudi Arabia and Japan; Indonesia's monthly total sulphur exports reached 24.08 mt in physical content, with the main export destinations being Germany, Hong Kong, China and the US; Indonesia's monthly total sulphuric acid imports amounted to 55,296.994 mt in physical content, down 68.1% MoM and up 236.6% YoY, mainly from China, India and South Korea; Indonesia's monthly total sulphuric acid exports were 0.

In H1 2026, China's enamelled wire industry overall exhibited a phased pattern of 'post-holiday rebound and surge, followed by a steady pullback in Q2,' with its operational characteristics heavily focused on structural differentiation.

Vietnamese steelmaker Hoa Phat is supplying thousands of tonnes of prestressed steel strands to major infrastructure projects across Vietnam, helping replace imports and support construction schedules. Hoa Phat is the only Vietnamese manufacturer producing PC strands with a fully integrated process using Italian technology, from billet to finished product, ensuring consistent quality, stable supply, and compliance with stringent technical standards. The strands have been supplied to multiple major bridge projects nationwide. Hoa Phat said domestic production supports Vietnam's infrastructure development while reducing reliance on imported materials.

[Vietnam] ASEAN hot-rolled coil (HRC) import offers ticked down to 535 USD/tonne CFR this week, with overall regional trading activity remaining deeply subdued in the thick of the seasonal doldrums. Facing an intersection of weak end-user demand and competitive import alternatives, local producers in Vietnam have been forced to lower their quotes to stimulate sales. However, as the substantial price reductions by the two major domestic mills last week were widely anticipated and import offers from international traders continue to hold a price advantage, local buyers showed little urgency to restock and largely maintain a strict wait-and-see stance. Notably, only isolated Indian HRC deals were reported closed at 525 USD/tonne CFR recently. Overall, given the reality of high regional inventory levels and sluggish downstream consumption, flat steel prices in Vietnam and neighboring nations will continue to face near-term headwinds.

[2026 Copper Plate/Sheet and Strip Semiannual Review and Outlook: H1 Operating Rate Hits a Five-Year High for the Same Period, Emerging Sectors Underpin Industry Resilience] In H1 2026, after experiencing wild swings in copper prices at the start of the year and the seasonal shutdown during the Chinese New Year, China's copper plate/sheet and strip industry entered a rapid recovery path from March onward, presenting an overall...

Recently, VinFast Indonesia, a subsidiary of Vietnamese automaker VinFast, announced in Jakarta that it has formally established cooperation with CATL and Gotion High-Tech. The two Chinese battery companies will be fully responsible for the disposal and recycling of used electric vehicle batteries in the Indonesian market, further completing the green industry chain for local electric mobility. In the short term, VinFast will rely on its partners' mature recycling capacities for operations. In the long term, VinFast plans to continue conducting research on battery lifecycle technologies and gradually build its own battery recycling and processing capabilities once its technological reserves are sufficiently mature.

Brazilian slab exports surged by 64% in June to reach 642,200 metric tons (mt), up from 390,500 mt in May, primarily driven by stronger shipments to the US, Europe, and Mexico. Key shipments included Ternium's 299,100 mt to the US at $645/mt, and various ArcelorMittal exports to the US, Germany, Poland, Mexico, and Spain ranging from $483/mt to $638/mt, while Usiminas imported 49,100 mt of slabs from Vietnam at $482/mt. This significant volume increase indicates robust demand in North American and European markets, diversifying trade flows and boosting Brazilian mill revenues, which effectively tightens global merchant slab availability and supports upward market trends.

[Flat products]HRC up 1 USD, deals at 489-497 USD/tonne HRC prices rose 1 USD/tonne today and other flat product export prices also rose 1 USD/tonne day on day, with HRC deals at 489-497 USD/tonne. Inquiries were fair, but actual deals were mediocre, as overseas buyers' target prices sat slightly below Chinese sellers' offers. [Billet]Export billet FOB up 1 USD to 459-462 USD/tonne Export billet prices edged up 1 USD/tonne today, with FOB offers at 459-462 USD/tonne. According to market feedback, overseas competition remains fierce while domestic mills' offers are near cost, leaving little willingness to concede further and making deals difficult. [Rebar]Rebar export offers firm, Singapore CFR at 520-525 USD According to traders, China's rebar export offers to Singapore recently clustered at 520-525 USD/tonne CFR. Some mills cut output, leaving export resources relatively limited and offers firm, but overseas buyers showed weak willingness to accept high prices, so overall deals were mediocre. [Vietnam]Domestic Mill Price Cuts Squeeze Imports as ASEAN HRC Weakens On July 6, ASEAN HRC import offers edged down to 535 USD/tonne CFR amid thin trading. Over the prior week Vietnam's two leading mills each slashed HRC ex-works prices by 33-34 USD/tonne: Hoa Phat's target price to key clients fell to 535-537 USD/tonne CIF, while Formosa Ha Tinh's September-shipment offer dropped to 546-556 USD/tonne. Formosa's official July prices, released last Friday, were cut roughly 40 USD/tonne month-on-month, quoted at 538 USD/tonne CIF for volumes above 20000 tonnes and up to 548 USD/tonne CIF for small lots, with August-September shipment. With domestic material now more competitive, Vietnamese buyers clearly favored local supply and showed little appetite for imports, forcing import offers lower: Indian HRC deals slipped to 535-540 USD/tonne CFR and Indonesian HRC to 525-535 USD/tonne CFR, both with scarce transactions. The Asian slab market softened in tandem, with local Vietnamese slab down to 490 USD/tonne FOB and Indonesian August-shipment export slab at 490-495 USD/tonne FOB. Separately, the Ha Tinh provincial government formally terminated the Thach Khe iron ore project, whose reserves total about 544 million tonnes, leaving Vietnam unable to lift domestic iron ore self-sufficiency via large-scale mine development in the near term. [Turkey]Weak Demand and Overbooked EU Quota Keep Turkish HRC Sliding On July 6, Turkish HRC prices extended their decline, weighed by limited domestic demand and a lack of alternative export outlets, with September-delivery offers down to 605-630 USD/tonne EXW. The EU quota reset brought no relief: the new quarterly HRC quota was instantly overbooked by large volumes that had arrived earlier, with third-quarter over-declaration reaching 205% and about 330000 tonnes queuing for customs clearance against a quota of roughly 160000 tonnes, further capping prices as export channels clogged. On longs, as of July 3, Turkish rebar export prices fell to 575 USD/tonne FOB on persistently weak domestic and export demand, declining mill inventories and an absence of firm orders, while HRC on an FOB basis eased to 585 USD/tonne. The domestic market remained depressed, with traders reluctant to stockpile amid tight cash flow and high borrowing costs, and no meaningful demand recovery is expected this summer. [India]Inventory Build Drags Longs as Rebar Slips While Safeguard Duty Props HRC On July 6, Indian blast-furnace (BF) route rebar prices fell about 17 USD/tonne week-on-week to around 512 USD/tonne, dragged down by a seasonal construction slowdown, rainfall, project delays and dealer inventory accumulation. Demand stayed limited to needs-based restocking, mill inventories ran at about 10-15 days, and the market expects major mills to cut long-product offers further. By contrast, HRC held firm at around 609 USD/tonne, supported by the import safeguard duty and falling import volumes, clearly outperforming longs and highlighting the divergence between flat and construction steel.