The global economic recession and the pressure of rising interest rates have led to a sluggish domestic market in Vietnam. Therefore, hot-rolled coil (HRC), slab, and rebar of local steel mills have recently been turned to export sales, among which Formosa Ha Tinh Steel has officially opened the Indian market.

Due to the blocked export of downstream steel manufacturers and slow demand for construction steel, Hoa Phat Steel and Formosa Ha Tinh Steel both have taken the initiative to reduce production, and the base rate in January 2023 will also be lowered accordingly.

Formosa Ha Tinh Steel's recent HRC orders were booming, including Europe, Pakistan, and India, with a total volume of nearly 350,000 tons, the best performance since the third quarter of this year.