News

The risk that steel demand in China has peaked and will decline in the coming period has a major impact on steel companies around the world.

Shareholders of Hoa Phat, Hoa Sen, Nam Kim, and Ton Dong A are "sitting on hot coals" as world steel prices fall freely, "holding their breath" waiting for anti-dumping decisions.

In the first half of this year, the amount of steel Vietnam exported to this market reached 1.6 million tons, an increase of 21% over the same period last year.

Galvanized steel consumption increased sharply by 38% in the first 5 months of this year, but the recovery is considered insignificant due to the low base from last year.

The Ministry of Industry and Trade said that up to now, Vietnamese exports have faced 252 trade remedy investigation cases from 24 markets and territories.

In the general difficult context of the construction materials industry, the steel production industry also faces many challenges.

The domestic steel production industry is forecast to continue to grow by 7-8% this year.

Although China's steel output grew strongly in May, data on the real estate market and manufacturing sector showed that actual demand remained low.

Vietnam's crude steel production currently ranks 13th in the world and tops the ASEAN region.

Iron ore imports in May increased by 6.09% over the same period, up 0.21% m/m. Iron ore imports from January to May increased by 7% over the same period.

Dealers are accumulating off-season in the context that the second quarter is usually a clearance season. During the period from February to April, BSC found that domestic steel prices decreased only 2%

Steel prices today on the Shanghai Exchange decreased by 61 yuan/ton. Iron ore prices slid due to falling demand prospects and US President Joe Biden's new tariffs on China.