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Steel demand in China has already stagnated because of the downturn in the real estate industry. More recently, droughts leading to power cuts have added to difficulties for one of the pillars of the billion-people economy.

In the first 7 months of 2022, Vietnam's iron and steel imports reached more than 7.4 million tons with a value of more than 8 billion USD, up 17.7% over the same period last year.

BSC forecasts that steel consumption in the third quarter will still slow down due to the low construction season and high inventories of steel mills.

According to the spokesperson of the Ministry of Foreign Affairs, Vietnam is ready to discuss with the US side about the US Department of Commerce's announcement of the initiation of tax inspection for some pipe products imported from Vietnam.

The price of 62% Fe iron ore originating in Australia on August 10 was 790 yuan/ton ($117/ton), down 1.8% from the previous day.

The real estate crisis in China has exploded this year, engulfing property developers and damaging many banks. Goldman Sachs predicts steel demand will fall 5% this year.

Within only 2 months, steel price continuously plummeted with 11 price adjustments. Although consumers are less burdened, it partly reflects the difficulties in production and business of steel enterprises.

But since June, market dynamics have changed, putting pressure on steel exports

In June, coal exports decreased by 2.7 times compared to the same period in 2021, but coal prices increased by nearly 3.5 times.

This is the first order to be exported to this North American country, creating momentum to expand the consumption market for Hoa Phat construction steel products.

Iron ore prices hit a bottom in 2022 on fears of a new COVID-19 outbreak in China that could shut down many provinces and cities, and steel production continued to stall.