A leading Vietnamese steel company has successfully secured an export deal to the US for approximately 160,000 metric tons of steel bars, with shipments scheduled between February 24 and March 4. The transaction was facilitated by international traders, and the steel was sold at a competitive price of nearly $515 per ton FOB Vietnam.
According to a manager from another Vietnamese steel mill, “They have sold out their export allocation for April.” This information highlights the growing demand for Vietnamese steel in the US market.
Since the Trump administration imposed steel tariffs, domestic steel prices in the US have surged by almost 20%. This has created opportunities for international traders, as evidenced by the increase in inquiries received by a manager of a different Vietnamese steel mill. However, despite the attractive offers, the manager maintains that their primary focus remains on the domestic markets of Vietnam and Cambodia due to limited export quotas.
In the Vietnamese domestic market, steel bar prices have recently witnessed a slight increase of around $5 per ton due to rising scrap and raw material costs, currently hovering around $520 per ton. This trend underscores the competitiveness of Vietnamese steel in the global market.
The future of Vietnamese steel bar exports to the US remains uncertain, as news about tariffs can change daily. “It’s hard to predict,” admitted the second mill manager. A southern Vietnamese trader candidly added, “The question to ask is, ‘What will Trump do next?’ Once we have the answer, we’ll know which way to go.”
Meanwhile, in Hong Kong and Singapore, steel bar prices have stagnated, particularly after the Two Sessions meetings in Beijing failed to bring positive news for the steel industry. In Hong Kong, a recent deal saw Chinese steel bars traded at $485 per ton CFR, with a Hong Kong importer commenting on the dominance of Chinese steel in the local market. Malaysian steel, on the other hand, is not currently offered in Hong Kong due to uncompetitive pricing.
In Singapore, a Malaysian steel company is offering April delivery steel bars at $475-480 per ton DAP, a slight decrease from the previous week’s price of $490 per ton DAP. The DAP Singapore price is estimated to be $5-10 per ton higher than the CFR Singapore price.
Chinese steel bars are being offered at $490 per ton CFR, although there are also reports of lower offers at $475 per ton CFR. No new deals have been concluded at the time of writing.
– 4:12 pm, March 17, 2025
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