Steel industry news

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.

BSC forecasts that steel consumption in the third quarter will still slow down due to the low construction season and high inventories of steel mills.

According to the spokesperson of the Ministry of Foreign Affairs, Vietnam is ready to discuss with the US side about the US Department of Commerce's announcement of the initiation of tax inspection for some pipe products imported from Vietnam.

The price of 62% Fe iron ore originating in Australia on August 10 was 790 yuan/ton ($117/ton), down 1.8% from the previous day.

The real estate crisis in China has exploded this year, engulfing property developers and damaging many banks. Goldman Sachs predicts steel demand will fall 5% this year.

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