Steel News

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.

In the first 9 months of 2023, Vietnam's HRC exports exceeded 2.5 million tons, with Formosa Ha Tinh and Hoa Phat Dung Quat leading in the export market share. Additionally, crude steel exports showed a remarkable increase of over 81% compared to the previous year, reaching a volume of 1.4 million tons.Overview of Vietnam’s HRC exports from domestic steel manufacturers In the first 9 months of 2023, the steel industry's overall production of hot-rolled coil (HRC) reached 4.93 million tons, marking a 1.7% increase compared to the same period in 2022. Total sales volume was 4.95 million tons, reflecting a 4.1% increase compared to the previous year, with export quantities accounting for 50% of the total, reaching 2.559 million tons. Formosa Ha Tinh and Hoa Phat Dung Quat continued to lead the HRC sector in the country, with export figures of 1.6 million tons and 817,000 tons, respectively. It's worth noting that HRC exports have tripled compared to the same period last year, indicating a strong recovery in the Vietnamese steel industry despite the domestic steel consumption remaining relatively weak due to challenges in the real estate sector. In this context, export, especially in the HRC segment, has partially compensated for steel enterprises' domestic sales.Additionally, data reveals that Italy and India have become the two largest import markets for Vietnam’s HRC exports, with Italy importing over 840,000 tons and India importing more than 386,000 tons in the past 9 months. Furthermore, in more than 40 countries importing HRC from Vietnam, there are two Southeast Asian countries, Malaysia and Indonesia, ranking third and fourth in terms of import volume, with 378,000 tons and 244,000 tons. Previously, Vietnam's steel was predominantly consumed in the Southeast Asian region. However, since the signing of the EU-Vietnam Free Trade Agreement (EVFTA), the European market has emerged as a promising destination for Vietnamese steel exporters.The pie chart show top Vietnam’s HRC importing countries in the first 9 months of 2023While China's steel production has been continuously decreasing, India is considered as a new global steel production powerhouse, leading experts to believe that India will continue to maintain demand for HRC imports to support its manufacturing sector. Italy, which has always been a leading importer of Vietnamese steel in the European market, has shown sustained interest in Vietnam's steel. Attractive pricing from Vietnamese HRC manufacturers and the tariff benefits under the EVFTA have provided opportunities for strong steel importation by European businesses.Export of other steel segments in the first 9 months of 2023 has shown positive growthAccording to the Vietnam Steel Association (VSA), the export volume of other steel categories, including crude steel, finished steel, and construction steel, has increased significantly compared to the previous year. Overall, in the first 9 months of 2023, the total production of crude steel across the industry exceeded 14 million tons, despite a 13% decrease compared to the same period in 2022. However, export data indicates a remarkable 81% increase compared to the previous year, reaching a volume of 1.4 million tons.Similarly, the production and export of finished steel have seen positive changes, with production reaching 20.2 million tons, a 13.3% decrease compared to the same period in 2022, while export quantities reached nearly 6 million tons, reflecting a 22.6% increase compared to the previous year. In the case of galvanized steel, production reached 3.42 million tons in the first 9 months of 2023, a slight 3.4% decrease compared to the same period the previous year, with 3.11 million tons being sold and 1.66 million tons serving export purposes. Overall, the growth percentages in sales and exports do not significantly differ from the previous year.The production of construction steel products in the past 9 months exceeded 7.72 million tons, with production decreasing by 21.6% compared to the previous year. Sales and exports reached 7.74 million tons and 1.25 million tons, respectively, both showing a downward trend compared to the same period in 2022. In general, most real estate sectors have witnessed a global decline in investments ranging from 40% to 65% compared to the previous year, directly impacting the consumption of construction steel.The charts indicated about the exporting volumes of Vietnam steel products in 9 months of 2023Despite the current weak domestic consumption, VSA anticipates that challenging sectors such as real estate and industrial production will continue to improve in the near future due to public investment projects aiming to stimulate strong steel demand towards the end of the year. The steel market in Vietnam in the fourth quarter of 2023 is expected to have an upward trend, primarily due to favorable export conditions that allow enterprises to increase production.

Malaysia has imposed definitive anti-dumping duties on Japanese cold-rolled steel coils after the Ministry of Investment, Trade and Industry (MITI) concluded its investigation earlier this year. At the same time, Malaysia also announced the end of trade defense measures on cold rolled steel imported from Vietnam.1. Malaysia: Anti-dumping investigation on Japanese cold rolled steelAccording to MITI's report, Malaysia's steel plate demand in 2022 reached 3.5 million tons, down 5.4% compared to the previous year. In the same year, import and export of steel plates both decreased by about 6-7% compared to 2021. Meanwhile, Malaysian cold-rolled steel prices remained highly competitive due to the massive import of cheap steel from abroad.This posed a significant threat to the development and business operations of domestic factories. Therefore, the Malaysian government is forced to take trade defense measures to protect the domestic market to a certain extent.On January 31, 2023, the authorities conducted an AD investigation on cold-rolled coils of iron or non-alloy steel with a width above 1300mm from Japan. The affected products are classified under the following HS code groups: 7209.15.00 00, 7209.16.10 00, 7209.16.90 00, 7209.17.10 00, 7209.17.90 00, 7209.18.99 00, 7209.25.00 00, 720 9.26. 10 00, 7209.26.90 00, 7209.27.10 00, 7209.27.90 00, 7209.28.90 00, 7209.90.90 00, 7211.23.20 00, 7211.23.90 00, 7211.29.2 0 00, 7211.29.90 00, 7211.90. 11 00, 7211.90.12 00, 7225.50.90 00, 7225.99.90 00, 7226.92.10 00 and 7226.92.90 00.2. Malaysia: Applying anti-dumping duty on Japanese cold rolling millsOn September 29, 2023, Malaysia imposed anti-dumping duties on Japanese cold-rolled coils of iron or non-alloy steel with thickness of 0.2-2.6mm and width of 700-1300m after completing the investigation. Accordingly, the Malaysian government has imposed a duty rate of 9.03% on Nippon Steel Corporation and 22.62% on other manufacturers, effective until September 28, 2028. However, due to the benefits of black plate and cold-rolled steel coils for the automobile, electronics industries are so great, Malaysia has excluded AD for these products.3. Malaysia: Ending anti-dumping measures on Vietnam's cold-rolled steelAccording to the Trade Defense Department, on March 21, 2019, MITI initiated an investigation of cold-rolled coils of iron or non-alloy steel with a width above 1300mm imported from Japan, Korea, China and Vietnam.By December 17, 2019, the government had applied definitive anti-dumping duty rates as follows: China 4.76% - 26.38% of the CIF value, Japan 26.39% of the CIF value, Korea 7.7% or 20.13% of the CIF value. This rate is effective for 5 years, from December 25, 2019 to December 24, 2024.In addition, other products from Vietnam and Korea are also under investigation including alloy/non-alloy cold rolled steel coils with thicknesses 0.2 - 2.6mm and widths 700 - 1300mm. The case has undergone many sunset reviews and received a decision to continue imposing anti-dumping duty, effective until October 8, 2026 at a rate of 0 - 21.64% for Korea and 7.42 - 33.7% for Vietnam. However, under the petition efforts of the Vietnamese government, MITI founded that Vietnam did not violate export conditions, the dumping margin was less than 2% of the export price. Therefore, Malaysia ended anti-dumping measures on the above products. In conclusion, Malaysian importers continue to enjoy preferential duty rates and cheap, quality steel sources from Vietnam.Vietnam is proud to be one of Malaysia's largest steel exporters with 653.7 million USD of iron and steel of all kinds and 48.1 million USD of steel products in 2022. Additionally, Vietnam and Malaysia are both members of the Association of Southeast Asian Nations (ASEAN) and ASEAN Free Trade Area (AFTA). There are many favorable opportunities for increased trade and two-way economic cooperation. If customers have any questions about the latest policies and procedures for importing Vietnamese steel, please contact MRS Steel via Email vanloc@mrssteel.com.vn for the most thoughtful support.