The Vietnamese export hot dip galvanized (HDG) market has shown notable activity in recent weeks, driven primarily by robust demand from Brazil. Market dynamics have shifted significantly after Brazil imposed antidumping measures earlier in 2026 targeting imports of Chinese cold rolled and coated flat steel products, following investigations by its trade authority. The duties, set for a five-year period, range from $284.98/mt to $709.63/mt for coated products and up to $670.02/mt for cold rolled coil (CRC), effectively limiting the competitiveness of Chinese material and redirecting buying interest toward alternative suppliers.
Against this backdrop, Brazilian buyers have increasingly turned to Vietnamese mills, with more than 300,000 mt of coated coils reported to have been booked for April-June shipments alone. At the same time, this week, new offers for ex-Vietnam HDG Z100 0.47 mm have been reported at around $830-835/mt FOB. Meanwhile, offers for Z120 0.48 mm have been heard at around $820/mt FOB, while higher coating Z275 0.50 mm has reached approximately $940/mt FOB.
On CFR basis to São Francisco do Sul, direct mill offers have been indicated at $920-926/mt, implying freight costs of around $90/mt. However, market participants noted that trader-based freight rates for large cargoes have been lower, estimated at $65-70/mt.
At the same time, this week, several Vietnamese mills have temporarily withdrawn from the market this week, having already secured substantial volumes. Sources indicate that producers are reassessing their pricing strategies in line with rising HRC costs and are likely to return with higher offer levels. “We expect further price increases for HDG in upcoming offers from Vietnamese steelmakers, supported by the recent upward trend in import prices and firmer HRC costs,” a market insider told SteelOrbis.
Notably, Vietnam’s coated steel exports have traditionally been directed toward the EU and the US, which together account for a significant share of higher-value HDG and CRC shipments. Europe represents one of the key destinations, accounting for roughly 20 percent of total exports, according to Vietnamese customs data and market estimates. At the same time, the ASEAN region remains the largest regional outlet in volume terms, accounting for approximately 25-30 percent, with Cambodia being the leading destination within the region. Other key markets include India, while exports to the US have declined compared to previous years due to trade restrictions and anti-circumvention measures.
Overall, market sentiment remains firm, with the outlook for Vietnamese HDG exports to Brazil appearing increasingly positive. Supported by strong demand, trade diversification, and competitive positioning against restricted Chinese supply, Vietnamese coated steel producers are expected to continue expanding their sales to this destination in the coming months.
