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Iron ore prices fell to levels "not seen since last December, as the persistent coronavirus outbreak in China and a sharp interest rate hike hit global growth stoking demand concerns." , Trading Economics reported.

On the Shanghai bourse, the price of rebar in October 2022 fell 2.5% to CNY 4,547 (US$676.76)/ton. Hot rolled coil prices fell 1.8% and stainless steel fell 1.3%.

September iron ore contract on the Dalian Commodity Exchange (China) fell 0.3% to 924.50 CNY / ton.

In May 2022, Hoa Phat produced 780,000 tons of crude steel, up 16% over the same period last year. Total sales of billet, construction steel, HRC reached 660,000 tons, up 10% compared to May 2021.

Coil prices from integrated mills in North West Europe are still falling. India's imposition of export duties prompted many European observers to predict a shortage of imported raw materials and, ultimately, stability in domestic prices. But that hasn't materialized yet.

The reopening of Shanghai city and the resumption of construction activity have shown initial positive signals for China's steel industry.

Iron ore prices rose on Friday, recovering from a one-week low hit in the previous session, as traders turned their focus away from the dire economic outlook for China's top steelmaker to may have more stimulus measures to achieve growth goals.

The fact that the price of input materials is constantly increasing, while the demand is low and the output is not much changed, the steel price this year may go down.

Steel production costs will increase dramatically if companies invest in technologies that help reduce emissions.

The domestic selling price of construction steel in early May has been adjusted down by an average of 300,000-500,000 VND/ton since the end of April, currently at an average of 18,250-18,500 VND/kg.

The Ministry of Industry and Trade has just issued Decision No. 924/QD-BCT on terminating the application of anti-dumping measures to a number of galvanized steel products originating from Korea and China.

According to the Vietnam Steel Association (VSA), in April, steel exports reached 633.5 thousand tons, up 15% compared to April 2021.