Steel industry news

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

In June, coal exports decreased by 2.7 times compared to the same period in 2021, but coal prices increased by nearly 3.5 times.

This is the first order to be exported to this North American country, creating momentum to expand the consumption market for Hoa Phat construction steel products.

Iron ore prices hit a bottom in 2022 on fears of a new COVID-19 outbreak in China that could shut down many provinces and cities, and steel production continued to stall.

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.