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EVS Research said that steel consumption in the third quarter went down, with 5/8 listed steel enterprises recording negative profit after tax.

Iron ore futures fell on Friday, with benchmark prices in Singapore falling below $80 a tonne and the steelmaking raw material leading to a violent sell-off in China's iron and steel complex, fueled by the gloomy outlook on global steel demand.

Aluminum is the latest victim as the economy faces multiple difficulties in a row.

Steel consumption has not shown any signs of recovery due to weak domestic demand.

China's steel industry and companies that provide raw materials such as iron ore are facing a bleak future.

According to data recently announced by the General Department of Taxation (Ministry of Finance), in the list of 1,000 largest corporate income tax payers in 2021 (V.1000), there are many enterprises in the steel industry. 

The business picture in the third quarter of 2022 of steel enterprises is gradually being revealed with large losses in the context that the market continues to be gloomy.

On October 13, US Trade Representative Katherine Tai and Trade Commissioner of the European Union (EU)

According to the Ministry of Industry and Trade, the mining volume of raw ore of Lam Dong - TKV aluminum company in 2019 and 2020 is 3.54 million tons and 3.55 million tons, respectively, lower than the licensed capacity.

Europe buys steel from Russia  because the cost of Russian products is quite cheap.

After a period of "only increasing, not knowing how to decrease" at the beginning of the year, the price of raw steel products such as iron ore, coking coal or HRC has turned down sharply.

One trader suggested that steel prices could continue to fall later this year even as fourth-quarter demand typically picks up cyclically strong.