Vietnam’s Formosa Ha Tinh Steel Corporation (FHS) announced its wire rod prices for September yesterday (July 9). As the US has already finalized its reciprocal tariffs on Vietnam, FHS decided to announce the new price earlier than Baosteel. In the meantime, China's steel price has also rebounded. As a result, FHS decided to maintain the wire rod prices for September.

At the same time, the recent depreciation of the Vietnamese dong is beneficial to the export market. The price of raw materials didn't have a big change, and the export quotation of wire rods from China has also stabilized. Therefore, FHS's new price is in line with market expectations.