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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.

Mirae Asset forecasts that the whole industry's steel output in 2022 will reach 27.76 million tons, 15% lower than the previous forecast due to concerns that inflation pressure and real estate credit control will affect the steel industry. in the last 6 months of the year.

Unpredictable world situation, high raw material prices, increased protectionism, slow disbursement of public investment... are "making it difficult" for steel enterprises.

The steel industry is entering a difficult time when steel prices have plummeted in recent times as well as a large decline in steel demand in China, the world's largest steel consuming market, causing factory owners to fall. into a bad feeling.

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.