Steel industry news

The industrial metals market in 2021 will grow steadily across the board on the back of growing demand.

2021 is a successful year for the steel industry.

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Japan's Ministry of Economy, Trade and Industry (METI) forecasts that Japan's crude steel output in the January-March period will increase by 1.9% year-on-year to 24.15 million. tons, thanks to a recovery in the manufacturing sector including shipbuilding and machinery.

In the last Monday trading session of 2021, prices of steelmaking materials such as coking coal and iron ore all turned down due to weak demand in China.

The Asian steel scrap market is poised for headwinds that will occur in 2022 as key regions such as Vietnam and South Korea remain affected by an increase in Covid-19 infections, which has disrupted the economy. severe disruption of the regional supply chain.

The European Union (EU) will impose additional duties on aluminum foil from China after the European Commission (EC) found that Chinese aluminum producers benefited from excessive subsidies and unfair, the EU's official magazine on Wednesday (December 22) reported.

Iron ore prices on the Asian market ended a series of days of sublimation when turning down on December 22 due to concerns about the impact of anti-Covid-19 restrictions in China and the upcoming unseasonal period for the sector. construction in the world's largest steel producing country.

With the Chinese economy, the world's largest iron ore consuming market, continuing to weaken, analysts generally believe that iron ore prices will decline in 2022.

According to the data of the General Department of Customs, the export of iron and steel of all kinds in November decreased compared to the previous month, but in general, in 11 months, the export turnover of this item has exceeded 10 billion USD, up to 130.5. % over the same period in 2020.

According to a report of the Vietnam Steel Association (VSA), construction steel production in November achieved good results compared to the previous month and the same period in 2020, but consumption volume decreased sharply compared to the same period last year.

Steel prices today fell to 4,475 yuan/ton on the Shanghai Exchange.