Steel industry stocks have just been under strong selling pressure in the session of February 10, before the new message about taxes from Mr. Trump - Photo: QUANG DINH
On February 9, US President Donald Trump said that on February 10 (local time) he will announce a 25% tariff on steel and aluminum imported from various countries.
The US President has not mentioned when the policy might be implemented. However, if applied, this tariff will cause many concerns for Vietnamese manufacturers.
Immediately after the above message from the US President, the Vietnamese stock market immediately had a strong reaction in the first session of the week (February 10). In particular, steel stocks were under strong correction pressure.
At the end of today's trading session, the market price of HPG of Hoa Phat Group lost 4.7%, reaching the lowest level in the past 5 months at 25,400 VND/share.
The capitalization of Vietnam's largest steel group also decreased by more than VND8,000 billion, to more than VND162,000 billion.
Of which, Chairman Tran Dinh Long's family holds the largest amount of shares with more than 2.23 billion shares (including shares of Tran Vu Minh's wife and son) and nearly 2,500 billion VND in assets were "blown away" on the stock market.
The market price plummeted, many people took advantage of the situation to "buy the bottom", causing HPG's trading volume to explode with more than 61 million units "changing hands", 4 times the average daily volume in the past quarter.
Notably, right in the ATC session, an investor placed a sell order for more than 8 million HPG shares, accounting for more than 13% of the trading volume in just the last 15 minutes of the session.
HPG also became the top stock in the list of stocks that pulled down the HoSE index today.
Statistics from the General Department of Customs and the Steel Association show that the US market usually accounts for 9-13% of Vietnam's export output.
Some businesses with high export proportions to the US include Ton Dong A and Nam Kim Steel. These two stocks also fell nearly 4-5% in the first session of the week.
According to the assessment from some analysis departments of securities companies, Hoa Phat is not directly affected too much by the US's decision to impose taxes (if any).
The reason is that HPG's export ratio accounts for 30% of total revenue, of which exports to the US account for 5-10% of export revenue. Therefore, the actual export ratio to the US is not much.
However, it is forecasted that this group may be indirectly affected when Hoa Sen (HSG) and Nam Kim Steel (NKG), two major partners consuming hot rolled coil (HRC) of Hoa Phat and having a high proportion of exports to the US market, encounter difficulties.
According to analysts, the US is a major steel importer, and imposing a 25% import tax on this product will affect total demand, thereby affecting prices.
Previously, ACBS expected HPG to achieve revenue of VND182,900 billion and after-tax profit of VND14,844 billion in 2025.
The main driver of earnings growth for 2025 is the expansion of HRC capacity from Dung Quat 2 operations in Q1-2025. ACBS forecasts HRC output to reach 5 million tons in 2025, corresponding to a capacity utilization of 85%.
In addition, the imposition of anti-dumping duties on HRC imported from China and India, if approved, will significantly support HRC prices in the domestic market.
Tuoitre.vn
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