Steel industry news

The domestic steel production industry is forecast to continue to grow by 7-8% this year.

Although China's steel output grew strongly in May, data on the real estate market and manufacturing sector showed that actual demand remained low.

Vietnam's crude steel production currently ranks 13th in the world and tops the ASEAN region.

Iron ore imports in May increased by 6.09% over the same period, up 0.21% m/m. Iron ore imports from January to May increased by 7% over the same period.

Dealers are accumulating off-season in the context that the second quarter is usually a clearance season. During the period from February to April, BSC found that domestic steel prices decreased only 2%

Steel prices today on the Shanghai Exchange decreased by 61 yuan/ton. Iron ore prices slid due to falling demand prospects and US President Joe Biden's new tariffs on China.

The Department of Foreign Trade under the Thai Ministry of Commerce has launched an investigation into Chinese steel products, after receiving petitions from three domestic hot-rolled steel coil producers.

The global nickel market has been volatile for many years now as the price of this commodity suddenly plummeted, affecting Australia's nickel industry.

On April 9, the domestic steel market continued to stabilize; on the Shanghai trading floor increased by 38 Yuan with the October 2024 steel contract.

The amount of Chinese steel exported to countries including Vietnam will still remain high in the context of low consumption in the country's domestic market.

China's giant steel industry is having difficulty reducing carbon emissions due to slowing market demand and low recycling rates.

Pressures from weak domestic market demand have prompted Chinese steelmakers to boost steel exports at cheap prices.