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According to the International Stainless Steel Forum, it is predicted that stainless steel consumption will increase by 3.6% in 2024. With the stability of interest rates and inventory levels at supply chain centers, stainless steel demand in the EU is expected to recover in the second half of 2024.1. European stainless steel market situation in 2024In 2023, the EU's stainless steel industry faced challenges with reduced production due to low demand and the impact of high inflation. However, entering 2024, experts predict positive developments and a recovery in the European steel industry.The improved macroeconomic situation is considered the main factor influencing the recovery of the European stainless steel market. The Government plans to accelerate projects on renewable energy sources, especially wind and solar energy, aiming to increase the consumption of renewable energy to at least 40% by 2030. This requires a large amount of stainless steel because their characteristics and strength ensure the safety and efficiency of the project.2. The global stainless steel industry prospered in 2024In 2023, the global stainless steel industry recovered by 2.3% and this positive signal has not stopped yet as WorldSteel predicts steel demand will continue to grow by 1.7% in 2024. The consumption of flat-rolled stainless steel is expected to grow the fastest at 5.2% compared to 2023, followed by cold rolled steel and long steel with rates of 3.2% and 3.7%. respectively. The regions predicted to have the highest stainless steel consumption are Asia (excluding China) with 5.6%, followed by the EU, Africa, and China.3. Vietnam gradually becomes a global stainless steel supplierVietnam maintained its position as the largest steel producer in Southeast Asia with 23 million tons of crude steel and 33 million tons of finished steel products of all kinds shipped in 2021. Once a country with the smallest economy in Asia, Vietnam Nam has risen to 13th position worldwide in crude steel output in 2022, exporting steel products to more than 30 countries in the region and worldwide.In 2024, Vietnam will continue to promote projects to upgrade stainless steel production systems such as Senzimir rolling machines, 1300mm wide rolling technology, advanced equipment and machinery from Tenova, Danieli,... These investment efforts have helped steel products fully meet international standards such as ASTM, JIS, BS, EN,... and design and size requirements from customers.Importing goods often takes a lot of time and effort to find sources of goods, manage the transportation process and control risks, especially high-value goods such as iron and steel. To solve the above difficult problems, many customers have chosen import support units to optimize costs and time.MRS Steel is an enterprise specializing in providing solutions for importing Vietnamese steel to many large markets such as the United States, Europe, Italy, Spain,... Owning a network connecting the largest factories in Vietnam such as Hoa Phat, Hoa Sen Steel Sheet, Nam Kim, SY Vina,... MRS Steel will bring quality goods at the best prices to importers. In particular, a team of experienced market analysis, business and supply experts will support customers throughout the entire import process, warranty commitments and resolve complaints and arising problems.From predictions about stainless steel demand in Europe in 2024, factories and importers can plan their business and development in the new context. For any questions about the Vietnamese stainless steel market, importers can contact MRS Steel via Hotline: +84 28 36 22 33 58 or Email: vanloc@mrssteel.com.vn for the most detailed advice.

The steel industry has gradually regained growth in recent times. Predictions suggest that the demand for steel exports is expected to recover in the coming quarters, given the high domestic selling prices in the EU, the US, and Asian countries.According to a recent steel industry outlook report, VCBS Securities Company stated that steel production activities have shown signs of recovery in the mid-2023 period, contributing to an increase in the overall supply. This comes as manufacturers return to profitability after adjustments in input costs such as ore and coal, supporting profit margins. Additionally, a more positive hydroelectric output is further bolstering the energy supply for steel production mills.The export volume of construction steel also demonstrates a strong recovery for the steel industry since August 2023, as China gradually reduces competition in the export of construction steel towards the end of the year. Specifically, in November, Vietnamese enterprises exported over 7.4 million tons of steel, a 29% increase compared to the same period last year. The main export markets include ASEAN, the EU, the US, India, and Taiwan, among others. As for galvanized products, although the export volume has not reached the levels of 2021, it has shown a significant recovery compared to the low point in August 2022. A substantial contribution to this recovery comes from the export of steel to the EU market, where the supply has been heavily affected by the earthquake in Turkey and ongoing energy shortages.Regarding the export market outlook, demand for the export market will remain positive in 2024. Specifically, according to the forecast by the World Steel Association (WSA), global steel consumption is expected to grow by 1.9% in 2024. The substantial recovery in many countries, such as Europe and the United States, is expected to have a positive impact on the production and prices of exported galvanized steel, with export steel prices expected to increase by 9% in 2024, improving the gross profit margins of steel exporting companies. Additionally, China, as the largest and least dynamically growing country in 2024, is projected to have steel consumption growth of only 0%. This presents an opportunity for the Vietnamese steel industry to boost exports to other potential countries.If the export market expands, the steel industry can benefit from increased exports of its products. However, alongside this, fluctuations in international trade policies can impact the steel industry. Trade protection measures or changes in tariffs may present new challenges or opportunities for steel businesses. Therefore, steel enterprises are compelled to seek and maintain new export markets to ensure diversity and stability in income sources. Generally, in 2024, the steel industry is expected to see signs of recovery from the export market. Particularly in major markets such as the EU, Mexico,.. This will be an opportunity for Vietnamese steel businesses to establish and develop the Vietnamese steel brand on the global steel map. 

In November 2023, both production and consumption in Vietnam's steel industry experienced growth. Specifically, nationwide steel sales reached over 2.5 million tons, marking a 30% increase compared to the same period last year and reaching the highest level since the beginning of the year. Meanwhile, finished steel production reached 2.4 million tons, reflecting a 34.4% increase compared to the same period.The Vietnam Steel Association (VSA) reported an improvement in the consumption of finished steel in the domestic market in November compared to the previous month and the same period last year for most steel manufacturing and trading enterprises. In particular, sales of various steel types reached over 2.5 million tons, up 13% from the previous month and 30% compared to the same period in 2022. The growth in steel consumption has been consistent over several months, signaling a recovery for the steel industry. Meanwhile, the production of finished steel during this period amounted to 2.4 million tons, up 3% from October and 34.4% compared to the same period last year.In the first 11 months of the year, the steel industry produced 25 million tons of finished steel, down by 7.8% compared to the same period last year. Steel consumption reached 23.7 million tons, declining by 5.6% compared to the sales volume in the first 11 months of 2022. Specifically, steel exports during this period amounted to 7.4 million tons, marking a 29% increase compared to the same period.Hoa Phat, a leading enterprise in the steel industry, observed its highest sales volume since the beginning of the year. Specifically, sales of construction steel, hot-rolled coil (HRC) and steel billets reached 709,000 tons, marking a 12% increase from October. Notably, sales of high-quality construction steel by Hoa Phat during this period reached 410,000 tons, indicating a 21% surge compared to the same period last year.The company's representative stated that the domestic steel industry is on the rise due to the beginning of the construction season and is partly driven by policies encouraging the disbursement of public investment capital. According to the assessment by VSA, the sales volume of construction steel has increased, partly due to infrastructure projects such as the North-South expressway and the ongoing development of new airports, which have accelerated progress alongside several other projects.The steel industry has experienced significant price fluctuations in recent months, with steel companies continuously adjusting prices upward from November onwards. According to VSA, the consistent price hikes in steel are primarily due to the rising costs of raw materials used in steel production such as coal, iron ore, scrap steel and hot-rolled coils, showing no signs of slowing down.The selling prices of finished steel have been increasing at a slower pace compared to the rising costs of raw materials. This is one of the difficulties that the steel industry is facing.In the upcoming period, the price of this commodity is forecast to continue rising due to a narrow supply of iron ore, while construction demand is expected to increase. This will be an opportunity for the steel industry and steel stocks in 2024.

The steel industry in Vietnam and globally is showing positive signs, forecasting a resurgence in a new cycle for the steel sector. With the increasing demand for steel, the market anticipates a significant acceleration in business outcomes next year.The general situation of the global steel industryWith the global economy continuing to decline under the strain of tightened monetary conditions impacting the world economy at large and the steel industry in particular, steel production slowdowns are evident in several key markets such as Japan, South Korea, Russia and others. While there's a prevailing trend of decline in the market, there are still discernible signs of recovery. In the first nine months of 2023, global crude steel production reached 1.4 billion tons, marking a 0.1% increase compared to the same period in 2022. This uptick serves as a bright spot, indicating a gradual resurgence in the steel industry.With its consistent dominance, accounting for over 50% of the annual global steel production, China's steel industry significantly influences the worldwide steel sector. Even steel prices within China's domestic market have a profound impact on the global steel market. Historical data also indicates that steel prices in Vietnam tend to exhibit quite similar fluctuations, sometimes responding at a slower pace compared to the fluctuations seen in Chinese steel prices.With Chinese steel prices nearly hitting their lowest levels in 2017 and showing signs of recovery in the third quarter of 2023, thanks to favorable export markets, there's an anticipation for a positive impact on the overall global steel price landscape. This also suggests a potential resurgence in demand in the largest steel markets among developed nations, including the Vietnamese steel industry.The Vietnamese steel industry is on the verge of recoveryIn Vietnam's market specifically, the steel industry anticipates a robust resurgence as the real estate market revives from 2024 onwards. Simultaneously, the government is vigorously expediting public investment disbursement on the largest scale ever seen. Most key national projects have commenced this year, indicating that the period from 2024 to 2026 will witness a dense construction phase, generating substantial demand for steel.The demand for steel has somewhat improved in the latter months of the year. In fact, several steel industry enterprises are experiencing positive business outcomes and substantial consumption. According to the financial report for Q3/2023 from Hoa Phat Group Joint Stock Company, their net profit reached approximately 2,000 billion VND, a significant improvement from the loss of 1,800 billion VND in the same period last year. The recovery in net profit is attributed to enhanced sales volume, reduced input material costs, and improved inventory management.According to assessments by multiple financial organizations, in the upcoming recovery phase of the steel industry cycle, Hoa Phat Group Joint Stock Company is expected to be the largest and first beneficiary due to its advantages in scale, dominant market share in various product segments, as well as its strong financial capacity.

After a slight decrease in October 2023, Hoa Phat's consumption of construction steel and high quality steel increased again in November 2023 due to the revival of demand for construction steel and partly from measures to boost the industry1. Hoa Phat's operating situation in NovemberAccording to the business production report for November 2023 from Hoa Phat Corporation, crude steel production output reached 635,000 tons, equivalent to the previous month.Sales output of HRC products, construction steel, high quality steel and billets reached 709,000 tons, up 12% compared to October 2023. For HRC products, consumption in November 2023 recorded 270,000 tons, high quality steel reached 410,000 tons, increasing by 21% compared to October 2023.In addition, in November 2023, Hoa Phat also provided 37,000 tons of galvanized steel sheets and 73,000 tons of steel pipes of all kinds to domestic and foreign markets.Accumulated in the first 11 months of 2023, Hoa Phat produced more than 6 million tons of crude steel, sales volume reached 6.96 million tons. Of which, construction steel and high quality steel reached 3.3. million tons, down 15% compared to November 2022. Export activities of these types of steel contributed 695,000 tons.2. Expectations for global steel recovery in 2024Hoa Phat's steel consumption output in November 2023 recorded growth in the context of the Vietnamese and world steel industry is showing positive signs.According to forecasts of the World Steel Association, global steel demand in 2024 is expected to recover by 1.9% compared to 2023, reaching 1.8 billion tons. In particular, the EU and Indian markets recovered by 5.6% and 7.5%, respectively, compared to the same period. Global steel supply is expected to decrease slightly by 1% due to the impact of China implementing a plan to cut production by 2% in 2024. This also affects global steel prices as it is expected to increase slightly by 3.5% compared to 2023 due to tight supply.China accounts for more than 50% of the world's annual steel production. In the first 9 months of 2023, the country's steel supply increased by 0.9% over the same period thanks to the recovery of blast furnaces in Tangshan. In addition, the Chinese government is also extending production cut measures to support the domestic steel industry's recovery.Furthermore, the Indian steel industry, accounting for 7% of the world steel market share, also recorded a supply growth of over 10% in the context of the country's government increasing investment in infrastructure construction to serve economic development.3. Prediction of Vietnam steel situation in 2024In Vietnam, steel demand is expected to increase strongly again when the real estate market gradually recovers from 2024. In the latest report of MB Securities (MBS), it is forecasted that in 2024, domestic construction steel prices will recover to 15 million VND/ton (up 8% compared to 2023). Coal and ore raw material prices are expected to decrease slightly by 7% and 6% in 2024 due to stable supply and decline in China's demand for crude steel production.For the export market, recovering demand in the EU and US has a positive impact on output and price of exported galvanized steel sheets. Steel export prices are expected to increase by 9% in 2024, helping the gross profit margin of steel export enterprises improve.Above is the latest news about the Vietnamese steel market in general and Hoa Phat Group in particular. For all updated information about the steel industry in Vietnam and the world, readers can find out more details at the MRS Steel website.

Stainless steel is an indispensable material for global industry and construction. According to the International Stainless Steel Forum (ISSF), it is predicted that stainless steel consumption will increase by 3.6% by 2024. Vietnam has many advantages in stainless steel production, promising a breakthrough in stainless steel exports in 2024. 1. Stainless Steel Outlook In 2024The world economic recession, high inflation, supply chain and political issues have caused many fluctuations in the steel market in general and stainless steel in particular. After a recovery of 2.3% in 2023, WorldSteel forecasts that global steel demand will grow by 1.7% in 2024.In addition, the Bureau of International Recycling (BIR) reported that the growth of global stainless steel is expected to reach up to 4% next year. Hot-rolled flat stainless steel consumption will grow at the fastest rate of 5.2% compared to 2023, followed by cold-rolled steel and long steel with rates of 3.2% and 3.7%, respectively.The highest stainless steel consumption in 2024 is expected in Asia (excluding China) with 5.6% over the same period, followed by the EU, Africa and China.2. Stainless Steel Consumption Outlook for Asia in 2024According to The Mirror newspaper, Asia's stainless steel prices bottomed out in August and gradually recovered in September 2023, but it is still difficult to accurately predict the future situation. The report also highlights the backlog and difficulties of the stainless steel market in the fourth quarter. The cause is said to be due to the depletion of scrap sources and the macroeconomic recession leading to production stagnation. The latest data from the Indian Stainless Steel Development Association shows that domestic consumption rose nearly 10% in the most recent financial year. World average stainless steel production decreased by 5.2% in 2021 and 55.2% in 2022.3. Stainless Steel Consumption Outlook for Other Regions in 2024In the United States, the economy is gradually recovering well, sectors such as infrastructure and energy production are growing steadily. After a 2.6% decrease in 2022, US steel demand has increased again by 1.3% in 2023 and is expected to increase by 2.5% in 2024. As of the first half of 2023, the US has exported more than 267,000 tons of recycled stainless steel, up 78% over the same period in 2022.Robust increase in demand for stainless steel in industrial sectors in Mexico, India, Taiwan, and Middle East regions brings promising prospects for the global stainless steel industry.4. Strength Of Vietnamese Stainless Steel Imports In The FutureVietnam is one of the potential stainless steel import markets in Asia in particular and the world in general. In 2023, Vietnam continues to promote investment projects in modern production line systems such as Sendzimir rolling machine - 1300mm wide stainless steel cold rolling technology and machinery equipment from Tenova, Danieli,... Currently, Vietnamese stainless steel has been exported to many major markets such as the United States, Australia, India, Turkey, Europe,... fully meeting the standards international and customer wishes.With the mission of bringing the most perfect experiences to customers, MRS Steel constantly expands its network connecting the largest factories in Vietnam so that importers have the best choices. In particular, with a team of experts in market analysis, sourcing and supply chain, MRS Steel can support you from A-Z.If you have any questions or need to import quality Vietnamese steel at the best price at any time, please contact MRS Steel via Email: vanloc@mrssteel.com.vn or Whatsapp: +84 76 911 2358 for enthusiastic consultation.