Hoa Phat, Vietnam’s largest steelmaker, increased its hot-rolled coil (HRC) prices by US$50 for June shipments, igniting a broader price surge across Asia.

Although Taiwanese steel mills initiated this upward trend earlier, the move from Vietnam carried significant weight due to its status as a regional pricing anchor. This price adjustment was in line with Vietnamese rates, and similar increases have occurred in Taiwan and South Korea previously.

Strong export demand for slabs and hot-rolled coils to Western markets limited domestic supply in Vietnam. This shortage forced local buyers to turn toward imports, creating a cycle where both trading volumes and prices rise together.

The resulting supply gap, created by major producers prioritizing international orders, put upward pressure on regional costs, reinforcing the strong recovery of Asia's steel industry.