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Europe, with its well-developed steel industry and strong potential, is confidently anticipating a surge in the price of hot rolled coil in the final months of the year. Positive indicators and specific factors have created an ideal situation for steel price increases and mark the recovery of the steel industry after a challenging period.HRC price in EuropeBetween October 13th and October 20th, 2023, the price of hot rolled coil in Western Europe decreased by €10 per ton compared to the previous week, reaching a range of €610-€630 per ton. This price decrease started at the beginning of October, with a €50 per ton drop on September 29th, equivalent to 7.3%. Meanwhile, the Italian market also experienced a similar price reduction, with hot rolled coil prices dropping by €10 per ton compared to the previous week and €20 per ton compared to the end of September. The price difference between Western and Southern Europe has narrowed, and the market is facing pressure from low-cost imported hot rolled coil.Service centers and distributors are currently experiencing low sales volumes due to reduced consumer demand. The significant volume of imports from Asia and India continues to put pressure on the market, and the European automotive industry is going through a slump, significantly impacting the purchase of hot rolled coil. Some steel companies are temporarily halting operations to balance supply and demand and prevent further price declines.Despite the weak market conditions, European steel producers are reducing production capacity to maintain balance, and it is anticipated that the market may face a supply shortage in November and December, potentially leading to an increase in hot rolled coil prices.HRC prices in other marketsIn the hot rolled coil steel market, prices in major countries like the United States, China, and India have experienced notable fluctuations. In the United States, hot rolled coil prices have been trending upwards from $680-700 USD per ton to $692-720 USD per ton. This is the result of factors such as trade policies, regulations on steel imports, and domestic industry protection measures. However, prices can still vary due to factors like supply and demand in the construction and manufacturing sectors.In China, one of the largest players in the global steel market, hot rolled coil prices have remained relatively stable recently. Additionally, China's steel production policies and output can impact both domestic and export steel prices. Factors like production restrictions or policy changes may not significantly alter prices in the short term.In India, hot rolled coil steel prices are often influenced by domestic supply and demand as well as imports. Currently, hot rolled coil prices in India are stable, and economic growth and infrastructure development are creating increased demand for steel. However, factors such as trade policies and anti-dumping measures can influence steel prices in the near future.

Currently, with its position as the fourth largest steel-producing country in the world, the United States boasts a robust steel industry with numerous large and modern mills. Below is a list of the top 5 steel manufacturing plants in the United States.Nucor CorporationEstablished in 1940 under the name Nuclear Corporation of America, Nucor is regarded as one of the leading steel industries in the United States. Nucor operates multiple plants across the United States and produces a variety of steel types, from construction steel to those used in the industrial sector. It is currently the largest steel producer in the United States, with a total asset value of up to 32.479 billion USD.At present, Nucor operates 23 manufacturing plants and, in 2022, the company produced 20.50 million tons of various steel types. The main steel products produced by the company include steel bars, flat rolled steel, steel joists, and steel decks, among others.Today, Nucor not only maintains its stronghold in the United States but also expands its influence in the global steel industry. With numerous plants and strong financial backing, Nucor continues to invest in technology, research, and development to remain competitive and to continue driving innovation in the sector.U.S. Steel U.S. Steel, formally known as the United States Steel Corporation, stands as one of the major steel companies in the U.S. Established in 1901 by J.P. Morgan, the company has become an emblem of the American steel industry and played a pivotal role in shaping the nation's economic and industrial landscape. With total assets of 19.458 billion USD, U.S. Steel ranks as the second-largest steel enterprise in the United States, trailing only Nucor Corporation, and holds the position of the 27th largest steel producer globally.At present, U.S. Steel operates numerous steel manufacturing facilities throughout the United States. Their primary product lines encompass flat-rolled and tubular products that cater to a wide range of industries including automotive, construction, consumer goods, electrical, industrial equipment, distribution, and energy. In 2022, U.S. Steel produced a staggering 14.49 million tons of steel, addressing the demands of the United States steel industry.U.S. Steel is not just a representative of the steel industry, but also a part of the cultural and historical heritage of the United States. Throughout the 20th century, U.S. Steel has been involved in numerous significant national projects, including the construction of iconic structures like the Golden Gate Bridge in San Francisco.Cleveland - Cliffs Inc. Originating as the Cleveland Iron Mining Company established in 1847, based in Ohio, it stands as the oldest enterprise in the United States steel industry. Initially, Cleveland-Cliffs primarily focused on iron ore mining. Over many decades, the company expanded its operations and became the leading iron ore supplier for steel mills around the Great Lakes. It is now the largest flat-rolled steel producer in North America, boasting total assets of up to 18.755 billion USD.Cleveland-Cliffs manages and operates four iron ore mines, three coke production facilities, along with numerous steel mills spread across the United States. In 2022, Cleveland-Cliffs produced 16.80 million tons of various types of steel. Apart from iron ore mining, the company produces steel products such as stainless steel, hot-rolled coil, cold-rolled coil, and construction steel.With over a century of existence and growth, Cleveland-Cliffs has established itself as an indispensable pillar in the United States steel industry. From its origins as an iron ore mining company, Cleveland-Cliffs has evolved into a diversified, multinational steel company with a unique position in the market.Steel Dynamics, Inc.Founded in 1993, Steel Dynamics is one of the third-largest carbon steel producers in the United States, headquartered in Fort Wayne, Indiana. Starting as a small project in the early 1990s, Steel Dynamics has rapidly grown and contributed to the development of the United States steel industry to its present position.In 2022, Steel Dynamics produced 9.73 million tons of steel, making it one of the most profitable steel companies in terms of profit margins and operating profit per ton in the United States steel industry. Currently, Steel Dynamics specializes in producing core products including: sheet steel, structural steel, scrap steel, and steel for the oil and gas industry.Steel Dynamics not only focuses on traditional steel production but also invests in renewable and recycling resources. Their commitment to the environment and the community helps Steel Dynamics overcome challenges and contribute to the sustainability of the steel industry.Commercial Metals CompanyCommercial Metals Company is one of the leading steel companies in the United States, founded in 1915 and headquartered in Texas. With a long history of development, Commercial Metals Company has played a significant role in the U.S. steel industry. It originally started as a small-scale scrap metal trading company and has grown into one of the major players in the steel business. In addition to the United States, Commercial Metals Company also has several manufacturing plants in Europe.Commercial Metals Company primarily specializes in recycled steel products and steel used in construction. In the United States, Commercial Metals Company owns 41 scrap metal recycling facilities, six electric arc furnace mini mills,two electric arc furnace micro mills, and various other steel production facilities. Currently, in addition to recycled steel, Commercial Metals Company also provides a range of products from structural steel, shaped steel, to wire rod and many other products for various industries. In the steel industry in the United States, this company is one of the major players in recycling.With the goal of becoming one of the leading recycled steel companies, Commercial Metals Company is committed to reusing and recycling metals, reducing waste, and conserving resources, contributing to environmental protection.With its vast steel industry, the United States is the home to many large and advanced steel mills. These companies all play crucial roles in shaping and developing the United States steel industry. If you have any questions about these companies, please feel free to contact us.

Stemming from the US's imposition of anti-dumping duties on Korean stainless steel round wire products, recently, the US Department of Commerce (DOC) has issued a final conclusion. Accordingly, Vietnam's stainless steel wire does not evade anti-dumping duty in the US.1. The US: Vietnamese stainless steel wire products not circumventing US anti-dumping dutyAccording to the report of the United States International Trade Commission (USITC), the output of stainless steel wire (HS 7223) of Vietnam exported to the US market in 2021 will reach about 4.9 million USD. In May 2021, North American Stainless (NAS) company requested the US Department of Commerce (DOC) to investigate the evasion of anti-dumping duty on stainless steel round wire products imported from Vietnam because of its suspicion of products HS 7223 is manufactured from imported materials from Korea. Accordingly, the United States imposed a definitive anti-dumping duty on stainless steel wire from Korea at the rate of 4.73%, applicable from February 24, 2022.In February 2022, at the request of the US manufacturer, the DOC officially initiated an investigation from January 1, 2020 to December 31, 2021.In December 2022, the DOC made a preliminary conclusion of the case, according to which Vietnam's stainless steel wire products manufactured from materials imported from Korea didn’t violate the anti-dumping duty that the United States is applying with similar products from Korea.Recently, the Trade Remedies Administration said that on May 22, 2023, the US Department of Commerce maintained the statement in its previous preliminary conclusion in December 2022.Thanks to the efforts and support of the Ministry of Industry and Trade, relevant ministries and branches of Vietnam have achieved positive results in the case of HS 7223 steel product investigation. Thus,  stainless steel round wire products of Vietnam do not evade anti-dumping duty in the United States.2. Situation of anti-dumping investigation in the US marketThe United States is one of the countries that frequently uses trade remedies, especially for imported steel. According to WTO statistics, by the end of June 2022, the US has investigated a total of 1,177 cases and applied 832 trade remedies. By the end of December 2022, the United States had handled 53 trade remedies against goods imported from Vietnam. In 2022, the US initiated an investigation into 12 more cases, of which mainly steel products, solar batteries, wooden cabinets, staples, wire steel,...3. Vietnam increases steel exports to the US marketOn April 15, 2023, the United States extended sanctions against Russia by one year. This has contributed to a shortage of supply and an increase in steel price in the world. However, this event created favorable conditions for Vietnam's steel industry to boost exports to the European and American markets.Vietnam's total steel production volume in 2022 will reach 29.34 million tons, total consumption volume of all kinds will reach 27.3 million tons. According to statistics of the General Department of Customs, the total bilateral trade between the United States and Vietnam in 2022 is approximately 123.9 billion USD, up 11% compared to 2021. In which, Vietnam exports to the United States reached 109.4 billion USD, up 13.6% compared to 2021, accounting for 29.5% of Vietnam's total exports.By the end of October 2022, Vietnam is the 7th largest trading partner of the United States with a total import-export turnover of 129.6 billion USD, an increase of 26.7% compared to 2021. Particularly, Vietnam's exports to the US reached 119 billion USD, up 28.9%.Iron and steel are the top 2 export products with a strong growth rate with a total value of 1.06 billion USD, up 49.6% compared to 2021.4. MRS Steel – Prestigious import sourcing unitFacing the pros and cons in importing steel from Vietnam, customers should contact domestic sourcing units for the best support in terms of product quality and cost.MRS Steel is one of the pioneers in the field of exporting steel to demanding markets such as the United States, Europe, ASEAN,... With more than 12 years of experience, MRS Steel brings you remarkable experiences like:Providing in-depth market research to help importers understand the situation of Vietnam's steel marketA wide network of relationships with the largest steel manufacturers in Vietnam such as Hoa Phat, Ton Hoa Sen, Nam Kim, Ton Dong A,..., helps customers connect with the companies that best match their order requirements.Supporting inspection and assessment of product quality, commit that goods meet agreed requirements and standards.Providing logistics and transportation solutions that help importers easily control the delivery and receipt process to the desired destination.Vietnam's stainless steel wire does not violate the US trade remedies, which opens up many opportunities for the two countries to continue promoting bilateral trade. For any questions about importing Vietnamese steel and requesting a detailed quote, please contact MRS Steel via Email vanloc@mrssteel.com.vn for the fastest response.

Thanks to its favorable geographical location, extensive trade cooperation, and diverse steel supply capabilities, Vietnam is gradually being recognized as a highly promising destination in producing steel for US importers. Taking advantage of its existing strengths and continuous production improvements, businesses can seize additional opportunities for upcoming projects.The location and logistical advantages of Vietnam in producing steel for US importersVietnam possesses a geographical location situated in an important trade region in the South Sea and is considered the world's second-busiest maritime route. Steel is a major commodity transported via sea routes in international trade, and Vietnam's position along the maritime corridor connecting Southeast Asia with countries in Europe and the Americas has created favorable conditions for this country to produce steel for US importers as well as delivering to major global ports.Furthermore, Vietnam continually invests in logistic activities, including making up and operating deep-water ports to facilitate import and export, especially in the steel industry. Steel export orders often involve large volumes with high values, so investing in deep-water ports improves vessel transportation efficiency and enhances port capacity while reducing cargo waiting times. Some remarkable deep-water ports in Vietnam, such as Cai Lan, Nghi Son, Vung Ang, Dung Quat, Cam Ranh, Vung Tau, among others, have contributed to Vietnam's role in the global steel supply chain and boosted steel export growth.Benefits’s US steel importers through trade agreements between the two countriesThe trade cooperation relationship between Vietnam and the United States has been established for over 10 years, notably marked by the Bilateral Trade Agreement (BTA) signed in 2000. According to the terms of the BTA, import tariffs on various goods, including steel will be significantly reduced, providing favorable conditions for Vietnam's steel industry to increase its exports to the U.S. market. Additionally, Vietnam enjoys privileges when its steel imports into the United States are not subject to quotas.In recent years, the United States has ranked fourth among the top 10 largest steel import markets in Vietnam, accounting for 7% in 2021. Despite challenges arising from recent trade remedies investigations, the trade cooperation in the steel import and export sector between the two countries is still considered to have potential toward Vietnam's strong steel products like hot-rolled steel, galvanized steel, ppgi/ppgl and construction steel.Improving technology processes and moving towards green production trendsAccording to data from Word Steel, in the consecutive years of 2022 and 2023, Vietnam has ranked 13th in the world in terms of crude steel production. This data demonstrates the country's self-sufficiency in steel production to satisfy not only domestic consumption but also global demand. Additionally, Vietnam's steel industry ranked 14th and 13th in the world for exports (11.2 million tons) and imports (13 million tons) in 2021.Furthermore, domestic steel producers continually upgrade their production lines to provide steel grades that meet international standards. Most large-scale steel manufacturers in Vietnam, including Hoa Phat Group, Hoa Sen, Nam Kim, and Ton Dong A, have long been utilizing advanced technology from Danieli & Tenova (Italy) and SMS Group (Germany), thanks to these advancements, Vietnamese steel products conform to strict international standards such as JIS (Japan), ASTM (USA), and BS (UK),...The trend towards sustainable steel production is being embraced by many domestic steel enterprises, viewing it as an essential direction for adapting their development strategies. A prime example is the Hoa Phat Group, which employs waste recycling in its production process to minimize emissions into the environment. The VAS Steel Group is also a standout player in pioneering green and clean steel production. Their plant uses recycled steel as raw material and has a waste control and processing system, providing high-quality steel products without impurities. The awareness and proactive adoption of production changes have enabled the Vietnamese steel industry to penetrate large markets, particularly providing numerous opportunities in producing steel for US importers.Choosing quality suppliers from Vietnam in producing steel for US importersThe Vietnamese steel market in recent years has been seen as a potential destination for international importers due to its ability to supply diverse and high-quality steel grades that meet project requirements. Therefore, seeking and selecting an experienced long-term supplier of steel solutions can help importers save time and effort in market research.With over 12 years of experience in the steel industry, partnering with MRS Steel will provide US steel importers access to a wide range of quality and diverse steel sources directly from large factories. Additionally, our team of knowledgeable consultants is ready to assist you in selecting the right steel for your project and provide the latest price lists in the market. For more specific information on the benefits of collaborating with us on your import project, please contact us via email at vanloc@mrssteel.com.vn or WhatsApp at +84 76 911 2358.

The European Union (EU) and the United States are collaborating to establish a common customs area to impose tariffs on steel products imported from China into the EU and the United States. Consequently, steel products imported from China will be subjected to a 25% tariff.Reasons Behind Imposing Tariffs on Chinese Steel ProductsThe United States and the EU have imposed safeguard tariffs on certain steel products imported from China, with the aim of directly addressing unfair pricing and countering illegal subsidies. However, these policies may change over time and depend on fluctuations in the trade and political relationships between nations. This is a significant step in strengthening the trade relationship between the two largest economic regions in the world. The initiative was proposed by the European Commission in the context of countries working to protect domestic production and improve international trade rules.This decision is aimed at creating a common customs area between the EU and the United States, where both parties will cooperate to establish uniform tariffs on steel imported from external economies. Presently, within countries in the EU and the United States, steel products imported from China and other nations have exerted pressure on the domestic steel market and manufacturing industries. These challenges have led the EU and the United States to seek solutions together to ensure that international trade takes place fairly and to protect domestic production. Therefore, in order to help safeguard steel production in the EU and the United States from the challenges posed by unfair competition and the increased import of cheap steel products, the US and EU have imposed a 25% tariff on certain steel products imported from China.The challenges that will have to be facedWhile there are many benefits, creating a common customs area also presents various challenges.First, there must be agreement between the EU and the United States on how to determine and apply uniform tariffs on steel products imported from China. Both sides may have their own trade regulations and rules, so coordinating and ensuring consistency is a significant challenge.Secondly, there may be reactions and objections from third-party economies, such as China, affected by the imposition of uniform tariffs. This could lead to larger trade negotiations and disputes.From China's perspective, being subjected to tariffs on steel products imported from China by the EU and the US will lead to a reduction in export volumes and decreased sales for Chinese steel manufacturers. The decline in sales and profits may impact the supply chain and labor force within China's steel industry, potentially leading to unemployment and hardships for the workforce. Additionally, the imposition of additional tariffs can raise the production costs of steel in China, thereby putting pressure on the profitability of steel producers.In general, the cooperation between the EU and the United States in establishing a common customs area for steel products imported from China has the potential to benefit both economies, safeguard domestic manufacturing industries, and ensure more equitable international trade. This not only promotes collaborative efforts in various other aspects of EU-US trade relations but also contributes to the overall development of the global steel industry. 

2022 is a tough year for the world steel industry in general and Vietnam in particular because of the effects of the Russia-Ukraine war, high inflation and interest rates as well as China expanding lockdowns as Covid-19 epidemic. According to the forecast of the World Steel Association, steel demand and price in the world in the first half of 2023 will have significant changes. In this article, MRS Steel will dive deeper into the situation of Vietnam's steel industry and key steel producing regions in the world today.1. Vietnam steel prices tend to decreaseAccording to a recent report of the Vietnam Steel Association (VSA), the price of construction steel has just decreased by 270,000 VND/ton, the lowest in the past two months. On June 15, Hoa Phat adjusted the price of CB240 coil to 14.29 million VND/ton, the price of D10 CB300 rebar to 14.69 million VND/ton, down 200,000 VND/ton.Other brands such as Vietnam Italy, Viet Duc, Viet Nhat, Pomina also lowered the price of the two above steels similarly. Thus, from the beginning of April until now, steel price has dropped 11 times in a row with a cumulative decrease of nearly 3 million VND/ton. The continuous reduction of steel prices by factories aims to improve production and consumption in the domestic market. Data from VSA shows that in May 2023, the whole country produced more than 2.2 million tons of finished steel, up 2.3% over the previous month. Domestic consumption volume also recorded more than 2.3 million tons, up 13.6% compared to April and tended to continue to increase.Regarding the export situation in the first quarter of 2023, Vietnam sold about 2,299 million tons to foreign countries with a total value of 1.72 billion USD. Currently, Vietnam exports iron and steel to 30 markets, mainly ASEAN (36.38%), the EU (24.15%), the US (7.55%), India (5.72%) and Turkey (3.21%). 2. Asia to drive steel demand recovery 2023-2024According to the World Steel Association, the main indicators of the real estate construction industry may increase by the end of 2023 but still not significantly. Meanwhile, infrastructure investment is tending to shift to projects that focus on less steel. China's steel demand is expected to recover 2%, reach 939.3 million tons in 2023 and stay flat in 2024.Structural steel demand in ASEAN markets recorded a strong increase. Recovering from the Covid-19 pandemic, Indonesia, the Philippines, and Vietnam began to restart delayed tourism and infrastructure projects. It is expected that the growth in steel demand of ASEAN will reach 77.1 million tons, up 6.2%, while in 2024 may increase by 5.7%.Overall, worldsteel expects steel demand in 2023 to increase by 40.8 million tons, reaching $1,8223 billion. In which, China contributed 18.4 million tons, ASEAN 4.5 million tons, Japan 2.2 million tons and South Korea 1.5 million tons.3. Steel prospect in developed and developing economiesSteel demand in developed economies such as Europe, the United States, Russia, Turkey,... has suffered a sizable contraction due to the effects of the Russia-Ukraine conflict, high energy costs and monetary tightening. After a decrease of 6.2% in 2022, the steel situation is expected to be more positive with an increase of 1.3% in 2023 and 3.2% in 2024.3.1. European Union and United KingdomDespite being significantly affected by the energy crisis caused by the Ukraine war, the EU's economy grew steadily by 3.5% in 2022. However, industrial activities still suffered significant losses due to high energy costs leading to a significant reduction in steel demand in 2022. In 2023, the EU steel industry is still facing many difficulties due to supply chain disruptions and currency tightening, expected to fall by 0.4%. A 5.6% rebound is expected in 2024. 3.2. USAThe US economy has taken a strong turn after the pandemic with the recovery and growth of the manufacturing and energy industries. Benefiting from the expansion of manufacturing operations, US steel demand in 2023 is expected to grow by 1.3% and then by 2.5% in 2024.3.3. IndiaAccording to the World Steel Association, India is still a bright spot in the global steel industry in 2023 thanks to managed inflation well. The automotive and consumer durables sectors are expected to grow steadily, leading to a healthy growth in steel demand at 7.3% in 2023 and 6.2% in 2024.With the forecast of steel demand growth in developed and developing economies in the period of 2023-2024, it will help importers to have the most effective purchase plan. Don't forget to follow MRS Steel to keep up to date with the latest news about Vietnam and the world's steel industry. Any need to import steel from Vietnam, please contact Whatsapp: +84 76 911 2358 for the best support from MRS Steel.