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.

Türkiye is the 8th largest steel producer in the world and has surpassed Germany, leading in steel production in Europe. However, in the past two years, its steel production and exports output has continuously decreased due to global economic difficulties. However, Turkish steel companies continue to boost production capacity, promising an explosive growth in 2024.1. Türkiye's steel production situationAlthough Türkiye still maintains the 8th position in the ranking of the world's largest steel producers, 2023 marked the second consecutive year of decline in the steel industry. According to WorldSteel, Türkiye produced 33.7 million tons of steel (down 4% y/y) in 2023 and 35.1 million tons in 2022 (-12.9% y/y). The decline in steel production from 2022 to 2023 was due to macroeconomic instability and high inflation. The Turkish lira depreciated around 60% against the dollar in 2023 restricted steel imports and domestic steel consumption.Currently, most of the Turkish steel industry produces through electric arc furnace technology. In 2022, 71.5% of the domestic steel was produced from these furnaces, so the increase in electricity prices was also a factor that seriously affected the steel industry. According to the Confederation of Turkish Steelmakers (CIB), the sharp increase in electricity prices accounted for 27% of production costs compared to 8% in 2021.Other factors affecting steel production and consumption in Türkiye include the increase in VAT from 18% to 20%, leading to higher steel coil prices. The earthquake in February 2023 also negatively impacted the steel industry when 1/3 of factories were forced to suspend production.In 2023, coil steel consumption reached 38.1 million tons, an increase of 17.1% compared to 2022, leading to a 15.5% increase in steel imports compared to the same period in 2023  (According to the Turkish Steel Manufacturers Association (TCUD). 2. Türkiye's steel import and export situationTürkiye's steel exports in 2023 continued to decrease to 10.5 million tons, -30.6% y/y. Export revenue reached 8.3 billion USD, down 40.7% y/y. In 2022, steel exports only reached 15.1 million tons, down 23.5% over the same period last year.During January - November 2023 period, the EU imported an average of 199,000 tons of steel from Turkey per month. In 2022, Türkiye's imports of rolled steel products into Europe reached 4.33 million tons, accounting for 15% of the market share. Steel exports from Türkiye declined due to the following factors: High electricity prices in Türkiye reduce price competitiveness compared to other supply sources.The EU and US strengthen trade defense measures to protect domestic manufacturers against dumping. The US imposed a 25% tariff on Turkish steel products. Opportunities to export steel to the EU are limited by the quota system. In addition, the EU also applied anti-dumping duties on hot-rolled steel sheets imported from Türkiye.China increased exports of cheap steel due to a steel surplus. Russian suppliers offer low prices to attract importers. This negatively impacts prices and export opportunities of other countries.Thus, steel exports from Türkiye to the EU are decreasing. Manufacturers are losing price competition in the EU market. At the same time, Türkiye faces massive imports, forcing the government to take measures to protect the domestic market.In 2022, Türkiye imposed tariffs on hot rolled imports from the EU. In May 2023, import duties on some flat rolled products increased by an average of 7%, specifically hot rolled steel coils from 9% to 15%, cold rolled steel coils from 10% to 17%, steel coils from 9% to 15% and hot rolling alloy from 6% to 14%.Entering 2024, the trend of increasing trade protection is still going strong. In January, tariff rates on some flat-rolled products increased and continued to maintain tariff rates on imported rolled steel. In the near future, the government will also review anti-dumping measures on hot-rolled steel coils from China, Japan, India and the Russian Federation along with stainless steel pipes from China and Taiwan.3. Turkish steel industry outlook 2024Experts predict that the Turkish steel market will have many bright spots thanks to growing global steel demand. The World Steel Association forecasts that steel consumption in Türkiye will reach 40.6 million tons, an increase of 5% by 2024.According to the Turkish Steel Association (TCUD), steel output in January 2024 reached 3.2 million tons, up 24.7% over the same period and flat steel consumption increased by 33.6% over the same period. The figures for February are even more positive.Manufacturers Kardemir, Yıldız, Colakoglu Metalurji, Hasçelik have planned to invest millions of dollars to increase production capacity in 2024.Türkiye has a large and growing domestic market, so the future of the steel industry will be based on meeting domestic demand. In addition, Türkiye has deployed steel production technology from CBAM scrap, providing advantages for exporting to the EU market.

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.

Associated with the development of the business, recently, Mr. Tran Dinh Long, Chairman of the Board of Directors of Hoa Phat Group, decided to invest in three new projects in the Nam Phu Yen Economic Zone with a project scale of over 120,000 billion dong.Currently, Hoa Phat Group is the largest steel manufacturer in Southeast Asia, with more than 30 years of experience. After a period of learning, researching and discussing with the leaders of Phu Yen province, Hoa Phat Group decided to sign a memorandum of understanding to invest in three projects in the South Phu Yen Economic Zone. Projects include: the original beach port; investing in construction and trading in the infrastructure of Hoa Tam Industrial Park; and the Hoa Phat Iron and Steel Complex Project in Hoa Tam Industrial Park. The total expected investment capital is over 120,000 billion VND.Currently, Hoa Phat's production capacity is 8.5 million tons per year. Of which, high-quality steel billets and construction steel are 5.5 million tons and hot-rolled steel coils are 3 million tons per year. Hoa Phat Group is currently leading in Vietnam in terms of market share of construction steel, steel pipes and the top 5 largest coated steel sheet manufacturers. It is also the only Vietnamese enterprise that can produce HRC steel, prestressed steel cables and many other high-quality steel products.Along with that, Hoa Phat Group is also implementing the Hoa Phat Dung Quat 2 Iron and Steel Production Complex project in Quang Ngai, with a design capacity of 5.6 million tons of hot-rolled steel per year. It is expected that when the project is completed in 2025, Hoa Phat's annual crude steel production capacity will reach over 14 million tons, equivalent to the top 30 largest steel enterprises in the world.Regarding the business situation, in 2023, Hoa Phat Group will reach VND 120,355 billion in revenue, down 16% over the same period last year. Profit after tax is 6,800 billion VND, completing 85% of the year plan. Hoa Phat leaders said that in 2023, it will produce 6.7 million tons of crude steel, down 10% compared to 2022. Sales output of HRC steel products, construction steel, high-quality steel and steel billets reached 6.72 million tons, down 7%. In addition to traditional steel product lines, Hoa Phat Group has invested in deep processing, promoting the production of high-quality steel to serve domestic and export needs. The Hoa Phat steel export market has expanded to 39 countries and territories worldwide.Exporting helps Hoa Phat Group diversify consumer markets while contributing to foreign exchange earnings and balancing Vietnam's trade balance. Hoa Phat is still leading the market share in Vietnam in construction steel and steel pipes and is the only Vietnamese enterprise that can produce HRC steel, prestressed steel cables and many types of high-quality steel.With Hoa Phat Group investing in an additional factory in Phu Yen, it will increase the group's output, helping Hoa Phat firmly hold its position as the leading steel manufacturer in Southeast Asia. Besides, it also helps increase the position of Vietnam's steel industry in the world steel market.