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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.

Due to the impact of the COVID-19 epidemic, China's steel exports, although slightly increased in April, were still lower than expected at 5 million tons.

According to the Ministry of Industry and Trade, the competitiveness of Vietnam's steel industry is quite low due to dependence on imported raw materials, small capacity of factories, outdated equipment, energy consumption and environmental risks. .

The "zero Covid" policy in China along with the impact of the conflict between Russia and Ukraine caused a serious shortage of supply in the global steel market in the context that steel production in many countries continuously declined.

The Ministry of Industry and Trade said that the application of anti -dumping measures for alloy steel or non -alloy is rolled flat, painted from Korea and China because the parties do not propose to review. periodic.

Due to the influence of the increase in input materials prices, in the first quarter of 2022, iron and steel prices increased.