At the beginning of 2023, the Vietnamese steel market has started a slight upward trend across most product categories. Despite the remaining challenges and price volatility, these signs indicate a gradual market recovery and lay the foundation for a potential breakthrough after the Lunar New Year holiday.

Import scrap market:

Global supply reduction, especially in the US, EU, and even Japan, has led to price increases. Significant transactions in Turkey this week have driven price hikes in many Asian markets, in addition to the domestic price increases observed in South Korea, Vietnam, and Taiwan. Price expectations are likely to further rise as the global market recovery prospects become clearer.

Domestic scrap market:

Many mills, particularly in the northern region such as Hoa Phat and TISCO, have raised prices, some even twice. Additionally, Viet Nhat, VAS Nghi Son, VAS Central, and many other mills have also implemented slight price increases. The scrap trader market has also followed suit with rising prices due to higher billet and construction steel prices, not to mention the scarcity of scrap due to the approaching Lunar New Year.

Export billet market:

Offer prices have continued to increase this week, influenced by the price hikes in many markets. Furthermore, the upward trend in domestic billet and scrap prices has contributed to the upward movement of export billet prices.

Domestic billet market:

Prices have been steadily rising each day, and the upward trend is expected to continue as many mills and traders limit their sales despite high demand for billets. Billet price increases also have an impact on the slight upward trend in construction steel.

Imported HRC market:

Although the market has been volatile, offer prices have gradually increased, and there have been numerous trading activities. It is predicted that imported HRC prices will continue to rise more in the coming week.

Domestic HRC market:

Despite the favorable conditions for price increases, most traders are opting to maintain stable prices for larger goals after the Lunar New Year.

Construction steel market:

Official consumption data for construction steel in December and throughout 2022 from Hoa Phat has been released, showing an increase compared to 2021. Simultaneously, the nationwide price increase of hot-rolled coils by Hoa Phat and other mills is also worth noting. This price hike could mark the beginning of market recovery in 2023.

Pipe and box steel market:

Many mills have implemented slight price adjustments, and trader prices have also seen slight increases. Most of the market is looking toward post-Lunar New Year prospects, hence these adjustments serve as a preliminary step for 2023, considering the increasing import volume of SAE 1006 and the corresponding price hikes.

Corrugated iron market:

Mill prices for sheet metal have generally seen slight increases, and trader prices have also experienced minor upward movements. These adjustments are seen as a precursor to the developments expected after the Lunar New Year, considering the rising import volume and increasing prices of SAE 1006.