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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.

Coil prices from integrated mills in North West Europe are still falling. India's imposition of export duties prompted many European observers to predict a shortage of imported raw materials and, ultimately, stability in domestic prices. But that hasn't materialized yet.

The reopening of Shanghai city and the resumption of construction activity have shown initial positive signals for China's steel industry.

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.