Last week, Hoa Phat Group announced to raise its domestic price of hot-rolled products whose delivery time will be in March-April 2024. After that, China traders followed the increase and elevated their hot-rolled quotations as well, and the action was also copied by main Asian steel mills in India, Taiwan, South Korea, and Japan.

According to local traders, Vietnamese buyers now have to deal with a higher purchase price than before, a fact that certainly causes pressure.