[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.

[Malaysia] Malaysia’s domestic steel market remained broadly stable, with mainstream local HRC offers at around USD 510/tonne. Rebar base prices stood at approximately USD 537–547/tonne, while wire rod was quoted at around USD 537/tonne. Rebar and wire rod prices remained close, indicating relatively stable long-product pricing, while HRC continued to trade at a noticeable discount. Mill offers showed limited movement, with downstream demand providing little support for broader price increases.

This week, multiple news items on the raw material front successively boosted market sentiment, with finished steel prices rebounding from lows in phases and generally showing a bottoming-out trend. At the start of the week, the weak fundamentals of finished steel were hard to change, and ferrous metals prices had overshot to the bottom. Subsequently, however, coal mines in Shanxi were affected by rainfall, and circuit failures led to production suspensions at some mines, sentimentally driving ferrous metals prices to bottom out. Mid-week, there were rumors of a 48-hour strike at BHP, with limited short-term tangible impact, but sentiment...

GO Silicon Steel Price Dynamics Shanghai B23R085 grade: 11,900-11,900 yuan/mt Wuhan 23RK085 grade: 11,300-11,300 yuan/mt This week, the GO silicon steel market was in the doldrums, with spot cargo showing regional divergence. The Shanghai price was cut by 100 yuan/mt, while Wuhan remained stable. Overall market transactions were moderate. Supply side, steel mill production was stable. In August, the ex-works base price of GO silicon steel was raised by 50 yuan/mt. Coupled with raw material costs providing bottom support, it theoretically underpinned the market, but was heavily impacted by the off-season, making it difficult to reverse the weak spot cargo pattern. Demand side, downstream transformer enterprises were in the traditional off-season. The tender landing progress of the power grid was slower than expected. End-users only maintained rigid demand for sporadic replenishment. Bulk purchase willingness was insufficient. Market transactions were sluggish, and trading sentiment was cautious. It is expected that next week, GO silicon steel will remain in the doldrums, with the market mainly driven by rigid demand transactions. Data Source Statement: Apart from public information, all other data are processed by SMM based on public information, market communication, and the SMM internal database model, for reference only and do not constitute decision-making advice. Note: This article is original content of this official account. For any needs related to reprinting, whitelisting, cooperation, etc., please contact us. Without permission, it is prohibited to reprint, modify, use, sell, transfer, display, translate, compile, and disseminate, or in any other form disclose the above content to third parties or permit third parties to use it. Otherwise, once discovered, SMM will pursue legal liability for infringement, including but not limited to demanding compensation for breach of contract, return of unjust enrichment, and compensation for direct and indirect economic losses.

Non-Oriented Silicon Steel Price Dynamics Shanghai B50A800 grade: 4,350-4,350 yuan/mt Guangzhou B50A800 grade: 4,150-4,150 yuan/mt Wuhan 50WW800 grade: 4,200-4,200 yuan/mt Shanghai market: This week, spot prices of cold-rolled non-oriented silicon steel in the Shanghai market were in the doldrums, with most grades falling by 30-100 yuan/mt and overall transaction performance was poor. Market feedback indicated that ferrous metals futures were weak at first then strengthened later, leading to heavy wait-and-see sentiment. Currently still in the off-season, downstream motor enterprises mainly made just-in-time procurement, traders were cautious in ordering and maintained low inventory strategies, and overall market inventory remained at low levels. Overall, spot prices of cold-rolled non-oriented silicon steel in the Shanghai market are expected to be in the doldrums next week. Guangzhou market: This week, the cold-rolled non-oriented silicon steel market in Guangzhou was in the doldrums, with most grades falling by 30-50 yuan/mt and transactions being sluggish. Market feedback indicated that HRC futures were first down then up, slightly restoring market confidence, but the industry is currently in the traditional consumption off-season. Downstream end-users such as motor and appliance enterprises maintained low operating rates, and their procurement sentiment was cautious and conservative, continuing to purchase as needed, with overall stockpiling willingness remaining low. Overall, spot prices of cold-rolled non-oriented silicon steel in the Guangzhou market are expected to be in the doldrums next week. Wuhan market: This week, cold-rolled non-oriented silicon steel prices in Wuhan were in the doldrums, with most grades falling by 50-80 yuan/mt and transaction performance was poor. Market feedback indicated that the current market resource circulation was limited, and cost support remained, leading to some recovery in market expectations, but traders were cautious about future market trends and continued to control inventory levels. Overall, spot prices of cold-rolled non-oriented silicon steel in Wuhan are expected to be in the doldrums next week. Data Source Statement: (All data in this report, except for public information, are based on public information (including but not limited to industry news, seminars, exhibitions, corporate financial reports, broker reports, National Bureau of Statistics (NBS) data, customs import and export data, and various data released by major associations and institutions), market communication, and rely on SMM's internal database models, and are comprehensively analyzed and reasonably inferred by the research team. They are for reference only and do not constitute investment advice. SMM reserves the right of final interpretation of this statement and the right to adjust and modify the statement content according to actual circumstances.