Steel News

According to data from the General Department of Customs, iron and steel exports of all kinds in December 2023 increased sharply, reaching more than 1.08 million tons with a value of 707 million USD, an increase of 18.12% in volume and 13.81% in value compared to November 2023; increase 34.4% in volume and 27.7% in value compared to the same period in 2022.According to the Vietnam Steel Association (VSA), in December, construction steel and high-quality steel of all types recorded the highest consumption in the past 20 months. Exports of iron and steel of all kinds in December 2023 also increased sharply, reaching more than 1.08 million tons with a value of 707 million USD. For the whole year 2023, iron and steel exports of all kinds reached nearly 11.13 million tons with a value of 8.35 billion USD, +32.6% in volume and +4.5% in value compared to 2022.In December 2023, the top 10 largest import markets for Vietnamese flat steel were the United States accounting for 14.95%, Italy at 12.4%, Cambodia at 8.7%, Mexico at 7.8%, Malaysia at 6.3%, Indonesia at 5.2%, Colakoglu at 5%, Belgium at 4.9%, India at 4.9% and Spain at 4.1%.Conversely, Vietnam's imports of iron and steel in December 2023 reached 1.17 million tons with a value of 741 million USD, -22.1% in volume and -18.3% in value compared to the previous month; +22.7% in volume and +6.7% in value over the same period in 2022. For the whole year 2023, imports of iron and steel of all kinds will reach 13.3 million tons with a value of 10.43 billion USD, +14.1% in volume but -12.6% in value compared to 2022. One of the businesses with the most positive business results in December 2023 was Hoa Phat Group. HPG produced 648,000 tons of crude steel, an increase of 4% compared to November 2023. The consumption of hot rolled steel coils, construction steel and steel billets reached 760,000 tons, an increase of 7% compared to November and the highest in 2023. For export markets, Hoa Phat exported 113,000 tons of construction steel and high-quality steel to make wire rods and welding rod cores. Main export markets were Canada, Korea, Japan, Singapore, Australia, Sri Lanka,...In addition to high-quality steel, Hoa Phat also exported 103,000 tons of HRC in December 2023. HPG is the group with the largest crude steel capacity in Vietnam and Southeast Asia with 8.5 million tons/year, leading in construction steel market share and among the top 5 largest Vietnamese galvanized steel manufacturers.Entering 2024, Vietnam's steel industry is also recording many positive signs of recovery as both production and consumption show signs of strong growth. For the export market, recovering demand in the EU and US has a positive impact on export output and price of galvanized steel. Export steel prices are expected to increase by 9% in 2024.MRS Steel is a provider of quality, convenient and time-saving Vietnamese steel import solutions. Our team of market analysis, marketing and supply experts provide the latest market and price reports to help importers clearly understand Vietnamese steel industry. If you have any questions or need to import Vietnamese steel, please contact MRS Steel via Email: vanloc@mrssteel.com.vn or Hotline: +842836223358 for the most thoughtful support!

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 SMC Trading and Investment Company has just announced its business plan for 2024. According to the plan, SMC aims to achieve a consumption output of 900,000 tons of various types of steel with an after-tax profit of 80 billion VND.In 2023, the business incurred significant lossesIn 2023, SMC Investment and Trading Joint Stock Company experienced a significant decline in business results compared to the previous year. At the beginning of the year, the company set a post-tax profit target of 150 billion VND. However, after the first nine months, the business situation did not look promising. In Q3/2023 alone, SMC achieved a consolidated net revenue of 3.141 trillion VND, a 44% decrease compared to the same period last year.Operating below cost, along with various expenses, led to SMC incurring a post-tax loss of 178 billion VND, compared to a loss of 219 billion VND in the same period. Accumulated over the first nine months of the year, SMC recorded a gross revenue of 10,574 billion VND, a 44% decrease compared to the same period in 2022. By the end of 2023, SMC reported a total loss of 586 billion VND, wiping out accumulated undistributed profits of more than 343 billion VND recorded at the beginning of the year. This resulted in an accumulated loss of 205.8 billion VND on the balance sheet as of September 30, 2023.SMC is not only facing business difficulties, but its debt recovery situation is also stagnant as real estate enterprises, lacking significant revenue sources, contribute to its substantial losses. By the end of September 2023, SMC had more than 1,300 billion VND in bad debts, of which 98% were short-term debts. The majority of these debts were from real estate companies associated with Novaland.In the context of challenging business operations, the Board of Directors of SMC has unanimously agreed on the strategy to streamline production and business activities, reduce personnel across the entire SMC system, and cut down on all arising expenses. In November 2023, the company's Board of Directors approved the transfer of the right to use 6,197 square meters of land at SMC Binh Duong-Dong An Industrial Park.Business plan for SMC in 2024The profit picture for the business in 2023 wasn't very bright. Recently, SMC Trading and Investment Company announced its business plan for 2024. Accordingly, SMC aims to achieve a consumption output of 900,000 tons of various types of steel in 2024, with an expected after-tax profit of 80 billion VND. This is considered a positive figure compared to the significant loss of 586 billion VND in the first nine months of 2023 and the accumulated undistributed loss as of September 30, 2023, which stood at 205.8 billion VND.Additionally, the Board of Directors of SMC has also approved a plan to pre-purchase the bond batch worth 200 billion VND with the code SMC 2124001, bearing a fixed interest rate of 8.2% per annum, issued in August 2021 (due in August 2024). The collateral for this bond includes 9.1 million NKG shares of Nam Kim Steel Corporation and SMC shares owned by a third party. SMC stated that the anticipated repurchase date is June 2, 2024 (6 months before maturity), after reaching an agreement with the bondholders and obtaining approval from the relevant authorities. The current bondholders in this batch are Shinhan Vietnam Limited Liability One Member Bank and Shinhan Vietnam Limited Liability Securities Company.

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. 

The Mexican government has announced anti-dumping duties on cold-rolled coils imported from Vietnam, with the anti-dumping duties ranging from 11.6% to 79%. These duties have been adjusted to lower levels compared to the initial rates proposed by the Mexican Ministry of Economy in September.Alongside robust growth in export activities, Vietnam's steel products are currently among the most frequently subjected to anti-dumping and countervailing investigations initiated by countries worldwide. Many steel products have faced lawsuits and have been subject to anti-dumping and countervailing duties in major markets such as the United States, the European Union, India, Australia, and more. Most recently, the Mexican government has decided to impose anti-dumping duties on cold-rolled coil products imported from Vietnam.It is known that Vietnam and Mexico are both members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), so Vietnam's cold-rolled coil products enjoy a preferential tariff rate of 0% when exported to Mexico. For the groups of cold-rolled coil products currently under anti-dumping investigation, the total export turnover in 2020 was approximately 50 million USD. Among them, the HS code 7209 for cold-rolled iron and steel products accounted for nearly 80% of the production. This marked the second instance of Mexico initiating a trade remedy investigation against Vietnam, following an earlier anti-dumping investigation on coated steel products in 2021.On July 28, 2022, the Mexican Ministry of Economy initiated an anti-dumping investigation into cold-rolled coils imported from Vietnam based on complaints from the domestic industry. This action was taken in response to the observed unfair international trade practices affecting the country's enterprises. Under the guise of price discrimination, the cold-rolled coil products from Vietnam were deemed to have caused economic harm, leading to a decline in revenue for domestic steel manufacturers.After a period of investigation, the Mexican government has recently implemented anti-dumping duties on cold-rolled coil products imported from Vietnam. Starting from December 29, imported cold-rolled coil products from Vietnam had been subjected to anti-dumping duties imposed by the Mexican government. Specifically, the rates are 11.64% for products imported from Hoa Phat, 25.64% for those from Posco Vietnam and 79.24% for other manufacturers. In comparison, preliminary duties announced in September were 12.77% for Hoa Phat, 25.64% for Posco Vietnam and 81.06% for other manufacturers.The anti-dumping duties are applicable to items with the following HS codes: 7209.16.01, 7209.17.01, 7209.18.01, 7209.26.01, 7209.27.01, 7209.28.01, 7209.90.99, 7211.23.03, 7211.29.99, 7211.90.99, 7225.50.91, and 7226.92.06. Currently, steel products imported into Mexico also require a special import license issued by the Mexican government. In the context where the capabilities to respond to anti-dumping investigations by exporting businesses still have many shortcomings, fostering sustainable growth and exports and avoiding protectionist trade measures requires enterprises to adapt appropriately to the new circumstances. Faced with these challenges, Vietnamese businesses need to diversify risks, explore new export markets and enhance the value-added content of the domestic production chain. By doing so, the manufacturing sector can develop sustainably, minimizing the risk of investigations and applying anti-avoidance measures imposed by importing countries. Additionally, businesses should improve their traceability systems and accounting records to support anti-dumping investigations and facilitate the registration of self-certification mechanisms for the origin of raw materials in products subject to anti-avoidance investigations.

In the past November, the production of hot-rolled coil steel reached 555,162 tons, experiencing a slight decrease of 5% compared to October but witnessing a significant increase of 30% compared to the same period in 2022. Additionally, Vietnam's HRC export volume amounted to 350,875 tons, showing a slight uptick of nearly 2% compared to October, yet experiencing a remarkable twofold surge compared to November 2022.Overview of Vietnam's HRC export situation in the 11 months of 2023In general, during the first 11 months of 2023, the production of hot-rolled coil steel reached 6 million tons, showing a 6% increase compared to the same period in 2022. The nationwide HRC sales volume for the same period reached 6.2 million tons, marking a 7% growth compared to the first 11 months of 2022. However, the notable highlight lies in the HRC export sector, with a volume reaching 3.2 million tons, tripling the figure from the same period last year.Formosa Ha Tinh and Hoa Phat continue to be the leading entities in the national HRC sector, with export volumes reaching 2,118,675 tons and 1,045,000 tons, respectively, during the 11 months of 2023. In general, the combined export volume of these two companies accounts for over 95% of the total HRC export volume this year. Specifically, Hoa Phat's HRC sales in November reached nearly 270,000 tons, with the export-oriented HRC reaching 118,922 tons.Statistic of Vietnam’s HRC export volumes from January to November in 2023Overall, there are signs of growth in HRC sales in the last months of the year, especially with the export-oriented HRC playing a crucial role in this increase, given the significant reduction in raw material prices and the gradual capacity increase in factories. Most experts believe that the steel industry has overcome its most challenging period, and signs of recovery are gradually emerging. The real estate market in China is stabilizing and becoming a bright spot for steel consumption in the construction sector.India and Italy are the two main import markets for Vietnam's HRCCustoms data also indicates that Italy and India are the two largest import markets for Vietnam's HRC in 2023. Italy, in particular, imported over 1 million tons of HRC from Vietnam in the first 11 months of 2023, making it the largest HRC importing country, capturing nearly a third of the export market share. Besides Italy, India became the second-largest importer of Vietnam's HRC, with a total imported volume of 674,472 tons during the 11 months.India has been evaluated as a potential steel import market recently. Specifically, from September onwards, India has consistently surpassed Italy in leading the import volume of Vietnam's HRC. In November alone, India imported 140,633 tons, while Italy imported just over 79,000 tons. The World Steel Association (WSA) predicts that in 2024, steel demand in the EU and India is expected to recover by 5.6% and 7.5%, respectively, which is seen as positive for Vietnam's steel export, especially for HRC.Top largest countries have Vietnam’s HRC importing volumes in 11 months of 2023Furthermore, the list of over 40 countries importing HRC includes two Southeast Asian countries, Malaysia and Indonesia, ranking third and fourth in import volume, with 436 thousand tons and 361 thousand tons, respectively, in the first 11 months of 2023. It's noteworthy that among the top 10 countries with the highest import volumes of Vietnam's HRC, only two are from Southeast Asia, compared to previous years when Vietnam's steel sources were mostly consumed in this region.The emergence of potential new import markets such as India, Mexico, or Spain somewhat reflects the strong determination of the Vietnamese steel industry to expand its scale to new major markets, especially under the impetus of bilateral trade agreements. The attractive prices offered by Vietnamese HRC manufacturers, along with the benefits of reduced export taxes from agreements such as EVFTA or CPTPP, have created significant opportunities for businesses in Europe and the Americas to increase imports of Vietnamese steel products.The entire information in the article is updated and based on the latest customs data. If you need more detailed information about the weekly steel price list directly from the factories, please contact us via WhatsApp: +84 76 911 2358 or email vanloc@mrssteel.com.vn for the quickest response.