Steel industry news

The business picture in the third quarter of 2022 of steel enterprises is gradually being revealed with large losses in the context that the market continues to be gloomy.

On October 13, US Trade Representative Katherine Tai and Trade Commissioner of the European Union (EU)

According to the Ministry of Industry and Trade, the mining volume of raw ore of Lam Dong - TKV aluminum company in 2019 and 2020 is 3.54 million tons and 3.55 million tons, respectively, lower than the licensed capacity.

Europe buys steel from Russia  because the cost of Russian products is quite cheap.

After a period of "only increasing, not knowing how to decrease" at the beginning of the year, the price of raw steel products such as iron ore, coking coal or HRC has turned down sharply.

One trader suggested that steel prices could continue to fall later this year even as fourth-quarter demand typically picks up cyclically strong.

In August, construction steel exports reached 177,255 tons, down 8% compared to August 2021.

In the past week, steel prices continued to rise again for the second time since early September. Meanwhile, many steel mills in Europe had to close due to lack of gas.

In the past week (August 29 - September 4), steel price had a slight increase after a series of 15 consecutive decreases in nearly 4 months with an increase of 110-600 VND/kg.

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.