Steel News

Vietnamese iron and steel export value to Singapore in the first 2 months of 2024 reached more than 21.5 million USD, an increase of 56 times over the same period last year.According to preliminary statistics from the General Department of Customs, the value of exporting goods to the Singapore market in the first 2 months of 2024 reached nearly 737 million USD, an increase of 9% over the same period last year. Notably, the value of Vietnamese iron and steel exports to Singapore reached more than 21.5 million USD, an increase of 56 times over the same period last year.Currently, Singapore's infrastructure construction is increasingly developing, leading to a sharp increase in iron and steel import demand. Singapore is a country with the best economy in the Asia-Pacific region, especially in 2024, the country will promote the construction of social housing to support people in difficult economic contexts.In the context of the Chinese iron and steel market being dominant, exporting massively to many countries around the world, Singapore needs to find and expand the supply market for raw materials to replace China. This will contribute to reducing China's influence on the global economy.Vietnam is one of the key steel suppliers that helps Singapore reduce its dependence on Chinese supplies as well as solve the shortage of goods. In January 2024, Vietnam rose to the position of Singapore's 10th largest trading partner, with a two-way trade turnover of more than 2.9 billion SGD, an increase of 18.08%. Vietnam currently ranks 17th out of Singapore's 20 largest import partners with a turnover of 678.8 million SGD (up 30.34%). Vietnam's construction steel prices are competitive compared to other countries, so markets such as Singapore and Malaysia have increased imports in the first 2 months of this year.Above is the import-export situation of Singapore in the first 2 months of 2024 and the prospects for growth of Singapore-Vietnam steel import cooperation. All questions and needs to import high quality Vietnamese steel, customers please contact MRS Steel via Whatsapp:+84769112358 or Email: vanloc@mrssteel.com.vn.

According to the Vietnam Customs Department, iron and steel export output in the first 2 months of 2024 reached 1.5 billion USD, an increase of 19% in volume and 13% in value compared to the same period in 2023. In particular, Italy, the US and Malaysia were the top 3 import markets for Vietnamese steel in January 2024.In February 2024, the average export steel price reached 713 USD/ton, up 0.6% compared to the previous month. ASEAN continues to be Vietnam's largest steel export market, accounting for 32% of the market share. The EU and the US followed closely with 28% and 9% respectively.Notably, in January 2024, Vietnamese steel export volume to Italy, the US and Malaysia saw significant growth. Specifically, Vietnam exported 203,000 tons of iron and steel to Italy, an increase of 114% over the same period last year, while exports to the US reached 139,000 tons, an increase of 419%. In particular, iron and steel exports to the Malaysian market increased sharply in volume, reaching 120 thousand tons in the first month of the year, a 625% increase compared to January 2023.The reason why Malaysia boosts imports of Vietnamese iron and steel is because of the demand for steel, especially construction steel for domestic construction and infrastructure projects. According to the Southeast Asia Iron and Steel Institute (SEAISI), construction activities in the region gradually stabilize and develop, which will drive steel consumption in ASEAN countries. ASEAN's steel demand is expected to increase sharply in the next two years as construction activity recovers.Malaysia is one of Vietnamese 10 largest trading partners. Bilateral trade turnover has increased steadily over the years, with 2022 reaching nearly 14.8 billion USD. The two sides strive to achieve the goal of bringing bilateral trade turnover to 18 billion USD by 2025. Vietnam and Malaysia are members of new-generation trade agreements such as the Global Economic Partnership Agreement. Regional Partnership (RCEP), Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), ASEAN Trade in Goods Agreement (ATIGA) and ASEAN Free Trade Area (AFTA. Thanks to the support and facilitation from the governments of both countries, steel exports to Malaysia will have many positive highlights in the future.Furthermore, world steel demand is expected to grow strongly in 2024, reaching 1.8 billion tons, up 2% over the previous year. Therefore, Vietnam's steel production faces many opportunities and development in 2024, with an estimated growth of around 10%.Hopefully the information on bilateral import and export situation between Malaysia and Vietnam has helped you update the newest global steel news. MRS Steel provides solutions to import high quality Vietnamese steel at good prices to help you save time, effort and minimize import risks. For any consulting information, please contact MRS Steel via Hotline +842836223358 or Email: vanloc@mrssteel.com.vn.

The European Commission, the executive body of the European Union, will consider requests to extend protection measures for a range of steel imports after receiving requests from the steel industry of EU countries.Specifically, on January 12, the EC received a request from the steel industry of 14 countries out of a total of 27 countries in the EU about domestic steel manufacturers being affected by the impact of the imported steel corrugated iron. This request is intended to determine whether an extension of existing safeguard measures is necessary to protect the steel industry of these countries.Excessive steel imports have caused serious damage to the domestic manufacturers in these countries. Therefore, after consideration, the EC finds that the request has sufficient evidence to support the need for continued safeguard measures to prevent or remedy the serious damage being experienced by the European Union's steel industry. These measures apply to the import of hot-rolled steel sheets, cold-rolled steel sheets, electrotechnical sheets, color-coated steel sheets, stainless steel sheets, tubular products of carbon steel and stainless steel, and wire rod. The tax imposition order was established on February 1, 2019 and lasts until June 30, 2021.However, after a lengthy review investigation, the EC extended the safeguard measures for another three years. The EC warns that if these measures are lifted, the steel industry of European Union countries will face a wave of imports, which will have a very negative impact on the economic performance of these countries. this country. In addition, the request includes examples related to modifications made by Union manufacturers. The Commission considers that the information provided, including the sources and supporting evidence, constitutes a sufficient basis for initiating an investigation.With the European Union expanding measures for importing countries, this is also an opportunity and a challenge for the Vietnamese steel industry. Particularly for the EU market, preliminary data shows that Vietnam's steel exports account for 24.1% of the turnover, reaching 2.2 million tons, a sharp increase of 86.2% over the same period. in 2022. Of which, exports to the Italian market increased by 127.7%, reaching 1,355 million tons; Belgium increased by 30.1%; Spain increased by 70.2%. According to the European Steel Association (EUROFER), Vietnam accounted for 8.1% of total finished steel products imported into Europe in the first 8 months of 2023. Meanwhile, finished steel imports from Turkey, China and India decreased sharply (-59%, -11% and -3% respectively), imports from Vietnam increased by 15%. The growth of iron and steel exports shows that steel industry enterprises are increasingly interested in exploiting the EU market and have made good use of the incentives provided by the EVFTA agreement.In addition, the EU's continued extension of protective measures also requires businesses in the Vietnamese steel industry to be mentally prepared to respond to events and to properly and fully comply with the agency's requirements. EC investigation agency throughout the process of the case, closely coordinating with the Trade Remedies Department to receive timely information and support.

The Trade Defense Agency (Ministry of Industry and Trade) has just warned about the risk of Canada investigating and applying trade defense measures to steel imported from Vietnam.According to the Trade Defense Agency, with the policy of monitoring and tightening management of steel imported to protect the domestic market, it is expected that in the coming time, Canada will continue to research and investigate products, type of steel imported from Vietnam. The items targeted by Canada are Vietnam's main export products including concrete reinforcement steel, anti-corrosion steel plates, steel coils and oil pipeline steel. This item is widely used in prestressed concrete wire (PC Wire), umbrella frames, tire bead wire (TBW), piano wire, wire cores for conductors, cables used in elevators and cranes, welding electrode cores and nails.For Canada alone, there have been 18 trade defense cases. Of these, there have been eight trade defense cases with steel imported from Vietnam. Specifically, there are 5 anti-dumping cases, 2 anti-subsidy cases and 1 self-defense case. According to statistical data from Trademap, an updated database system on the trade situation of countries established by the International Trade Center (ITC), Vietnam's export turnover of steel wire products to Canada has increased rapidly in recent years. For example, in 2020, Vietnam exported about 10 million USD of steel wire to Canada. The export turnover of this item doubled to 21 million USD in 2021 and continued to grow strongly, reaching about 40 million USD in 2022.This shows that our country's goods exports to Canada are being actively supported by the implementation of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), effective January 2019. Currently, Vietnam is Canada's leading trading partner in ASEAN and Canada's 6th largest trading partner in the group of 40 Indo-Pacific countries.The absolute increase in value is one of the criteria for Canada to conduct an investigation and apply trade defense measures against Vietnamese steel wire. Based on this database, the Trade Defense Agency issued a warning about the risk of Canada investigating and applying trade defense measures to steel imported from Vietnam and recommended that businesses, related associations and businesses review the export of steel wire to the Canadian market (refer to the following HS codes: 7223, 7213, 7227 and 7306).According to experts, this move is a wake-up call to advise businesses to proactively research regulations and procedures to respond in case Canada conducts an investigation into trade defense cases against imported products, such as steel imported from Vietnam. In cases of investigation, the association and related businesses need to have a strategy to participate and handle the case, fully cooperate at the request of the investigation agency and regularly coordinate to receive support from the Trade Defense Agency. Canada is a potential market for Vietnam's exports. If goods are handled and recalled, it will cause great damage to domestic businesses.Above is information about the Trade Defense Agency warning businesses to be careful because steel imported from Vietnam may be investigated by Canada. We will continuously update information about this incident; please follow the website to get the latest information about this incident.