Steel News

As part of its sustainable development plan, the World Steel Association organizes 2 significant events: "Open Forum 2023" and "Disruptive Technology Conference 2023". This will allow the steel industry to develop and strengthen its position on the economic map.1. Steel industry overview 2022In 2022, the global economy will face difficulties when inflation increases and steel-using industries grow slowly. Meanwhile, the high price of input materials in the steel industry increases production costs and decreases steel demand. Some major steel corporations worldwide have plans to close blast furnaces, such as ArcelorMittal.2022 global steel production will reach 1,878 billion tons, up slightly from 1,875 billion tons in 2019 (before the COVID-19 pandemic). China leads the world in steel production with 1,013 million tons, accounting for 54% of total output. China is followed by India with 124.8 million metric tons, accounting for 6.6% of the world. These two countries have a developed steel industry, contributing to the overall development of the world steel industry.Worldsteel forecasts that steel demand will decline 2.3% in 2022 to reach 1,796.7 billion tons after increasing 2.8% in 2021. In 2023, steel demand will recover by 1% to 1,814 billion tons. 2. Sustainable development plan of the steel industryThe sustainability of the steel industry is always a top priority for the World Steel Association. As part of the series of sustainable development plans for the steel industry, the World Steel Association organized two significant events: the "Open Forum 2023," held in Belgium, and the Breakthrough Technology Conference 2023 held in the UAE.2.1 Open Forum 2023After successfully holding the event in 2022, the 2nd Open Forum in 2023 is an opportunity to expand and develop the steel industry. The forum aims to engage stakeholders in the steelmaking ecosystem, including suppliers, equipment manufacturers, and related industries.The forum focuses mainly on climate policy implementation, transition financing, raw material requirements, energy availability, steel-using industries, and chain of custody. Development of steel products.2.2 Breakthrough Technology Conference 2023This event is organized to facilitate exchanges between researchers and engineers working in steel. The conference will be a networking platform to participate and share information and knowledge about the steel industry.The main content of the conference revolved around the production and transformation ecosystem. Includes hydrogen use (reduction, BF pumping, heating), CCUS, use of alternative carbon sources, electrification (EAF, electrolysis, heating), scrap, efficiency, and other cross-cutting issues.3. Vietnam and opportunities before the sustainable development of the steel industryThe world steel industry is growing, leading to the development of Vietnam's steel industry. With the new development trend of the world economy, the development potential of Vietnam's steel industry in the future is huge.Production capacity: Over the past time, Vietnam's steel industry has developed enormously in both production capacity and product categories. The steel industry's growth in recent years has doubled, with total production reaching around 29.3 million metric tons in 2022. With these factors, Vietnam has risen to 13th in steel output, with 20 million tons in 2022, accounting for 1.1%.Export market: Vietnam's steel products have been exported to more than 30 markets worldwide. Vietnam's main steel export markets are ASEAN countries, accounting for 26.2% of the total turnover; the EU accounts for 15.98%; China accounts for 14.12%; the US accounts for 11.57%,... Besides, the signing of a number of new-generation FTAs, such as CPTPP, EVFTA, and RCEP... has brought positive signals to the steel industry when there are new export markets with high scale and growth potential.Above is information about the sustainable development plan of the steel industry; if you want more details, please contact us here.  

Russia and Ukraine are accusing each other of the collapse of the Nova Kakhovka hydroelectric dam in the Kherson region at dawn on June 6, causing widespread flooding and threatening thousands of people living there. Sources said the blowing up of the hydroelectric power plant severely impacted steel production in Kryvyi, where AecelorMittal's Ukraine steel mill is located. Should the EU's steel market import Vietnamese products to solve the supply shortage?1. Russia and Ukraine accuse each other of the hydroelectric dam in KhersonAccording to Russia's media, the Ukrainian military carried out an airstrike on the Kakhovka hydroelectric power station with the Olkha multiple rocket launcher system. Russian Defense Minister Sergei Shoigu also accused the Ukrainians of attacking the hydroelectric dam in Kherson to hinder the advance of the Russian army.The 30m high, 2 miles (3.2km) long dam was built in 1956 on the Dnipro River as part of the Kakhovka hydroelectric power station and included a reservoir of 18 km3 of water. It is considered the primary source of water for the Crimean peninsula, the Zaporizhzhia nuclear plant, and ArcelorMittal.Meanwhile, the Ukrainian side also accused Russian forces of blowing up the Nova Kakhovka dam, which not only caused massive flooding in dozens of villages and cities, affecting thousands of civilians but certainly also created an ecological disaster in southern Ukraine for many years. Ukrainian President Volodymyr Zelensky called the collapse of the Kakhovka dam an act of "environmental destruction" and said the incident would not affect Ukraine's plans to retake territory from Russian forces.Faced with escalating tensions, on June 6, the United Nations Secretary-General Antonio Guterres also stated, "Attacks against civilians and critical civilian infrastructure must be stopped immediately. We must act to ensure accountability and respect international humanitarian law.""We express great concern about the destruction of the dam at the Kakhovka hydroelectric power station," China's ambassador to the United Nations said. The blowing up of the hydroelectric dam on the Dnipro River not only endangers the Zaporizhzhia nuclear power plant but also disrupts the steel supply to the relevant regions.On the same day, the European Union (EU) offered to assist Ukraine in overcoming the consequences of the disaster so that people could soon return to everyday life and stabilize production.2. The world steel industry was affected after the collapse of the Kakhovka damBesides the severe damage to agricultural activities and water supply infrastructure for residents, experts are also concerned about ArcelorMittal Kryvyi Rih, as steel production mainly depends on Lake Kakhovka. According to the latest reports, Ukraine's AMKR mill has restricted water consumption and suspended some metallurgical, crude steel production. It is expected that it will take about 3-4 days to assess the damage and plan to restore average production.ArcelorMittal is one of the world's largest steel corporations, estimated to be able to produce about 6 million tons of crude steel and other products per year, such as coils, rebars, and commercial steel bars for Ukraine. Three steel producers in regions under Ukraine's control - ArcelorMittal Kryvyi Rih, Kamet Steel, and Zaporizhstal - are currently operating at an average capacity of 50-60%, producing a total of 13.5 million tonnes of steel annually. The wars and conflicts between Ukraine and Russia will inevitably increase energy costs in Europe, leaving steel mills with no choice but to increase the selling price of their products. Many customers in the European market also stopped trading with these two countries due to the sudden and out-of-control price increase. A steel mill in Central Europe complained overnight that the cost of natural gas had increased by 55%, so it was forced to cancel purchases to avoid economic damage.3. Kakhovka hydroelectric dam failure: How does it affect Vietnam's steel industry?Vietnamese steel will benefit from the EUIn the context of the crisis between Russia and Ukraine, the prices of goods and raw materials, including coking coal, have increased sharply, affecting input costs for steel production and disrupting steel supplies worldwide. Russia and Ukraine are both major steel exporters, especially in the European market (accounting for 15% of the market share), along with Ukraine and Belarus, which account for 38% of the market share of steel exports to the EU. Therefore, experts say the escalation of Russia-Ukraine and the recent blowing up of a hydroelectric dam will lead to a sharp supply shortage.However, this will create opportunities for steel exporters from other markets, including Vietnam. The sharp increase in steel prices will help countries with low steel production costs, like Vietnam.The proportion of steel exported to the EU increasedAccording to the Vietnam Steel Association (VSA) report, the EU ranked third in Vietnam's steel import volume, accounting for 13% of the proportion (equivalent to 1.6 million tons) in 2021. This figure increases by more than 10% with 2020 (2.86%). The signing of the Free Trade Agreement between Vietnam and the EU (EVFTA) helps Vietnam enjoy many incentives in terms of duty rate and 0% anti-dumping duty. This has created a good premise for the EU to boost the import of cheap and quality steel in Vietnam.Above are the latest news about the Nova Kakhovka hydroelectric dam blowing up between Russia and Ukraine and the forecasts affecting the steel industry. For any information and needs to learn about Vietnam's steel market, please get in touch with MRS Steel via Whatsapp: +84 76 911 2358 for the best support! 

In 2022, the steel industry in Vietnam suddenly entered the top 13 world's crude steel production in the world. This is an important milestone marking domestic factories have gradually become self-sufficient in input steel materials, contributing to improving the quality of steel products making conditions for Vietnam's steel exports to the world.The long developments of steel industry in Vietnam about autonomous productionBack in the 2000s, the total capacity of crude steel in Vietnam was only 300,000 tons because of the small scale's production from domestic factories and outdated equipment. At that time, Vietnamese factories had to import a lot of crude steel as well as all hot rolled coil steel (HRC) to produce steel for the market.However, since 2010, the steel industry in Vietnam has made amazing growth when the demand for steel has increased. These increases have made steel enterprises willing to spend a large amount of money on production technology and expanding business activities.Vietnam's crude steel production capacity when compared to ASEAN countries in 1990-2020Vietnam's crude steel production capacity has grown strongly since 2010, specifically, Vietnam only produced 900,000 tons of crude steel in 2005 before, but only 5 years later, this number has increased 5 times when compared to the same period before. Until 2020, Vietnam's crude steel production capability has ranked the first in Southeast Asia area, this is also considered as a preconditions for Vietnam to become one of the most potential steel manufacturers in the world.Position of Vietnam Steel Industry On The World MapAccording to WorldSteel statistics, in 2021, Vietnam's crude steel production capacity has now reached an amazing figure with more than 23 million tons and it helps Vietnam reach the top 13 countries which have crude steel production capacity in the world.Position of Vietnam's Steel Industry on the world map of crude steel productionSource: worldsteel.orgIn 2022, despite the effect's economic difficulties, Vietnam still maintains top 13 in ranking of crude steel production in the world with a total crude steel  of 20 million tons. This is a good sign for the steel industry in Vietnam between the overall gloomy economic background and the steel industry in the past year.Ranking of global crude steel production among countries in 2022Source: worldsteel.orgAccording to the latest statistics from the Vietnam Steel Association (VSA), in February, Vietnam's crude steel production reached more than 1.5 million tons. Although crude steel output in this month decreased significantly when compared to the same period last year, it is considered a sign of rise for Vietnam's steel industry when the volume in February increased by 13% when compared to last January. It can be seen that Vietnam's steel enterprises as well as the government are trying some policies and adjusting the plan flexibly to adapt to difficulties about global economic barriers, contributing to the strong recovery of Vietnam's steel industry.Solutions for Vietnam's steel importers in the middle of the market stormThe world steel market in general as well as the steel industry in Vietnam is assessed as being in recession, so what is the solution for Vietnamese steel importers when the Vietnam steel market still has problems which are from global inflation along with tight monetary policy.Before an important decision to invest in importing steel, if enterprises capture clearly fluctuations of the price along with steel cost in a certain period, it will be an effective solution for foreign enterprises to prevent some problems. In Vietnam today, MRS Steel is a reputable supplier of steel import solutions for businesses. We have a team who are knowledgeable about market prices to assist you in building a plan for buying steel from quality producers that helps you to optimize both time and cost. 

The Vietnam steel market is going through a difficult period when steel prices have been adjusted along with an decrease in demand. Specifically, SSI Research has forecast that steel industry demand in the first half of 2023 may decline in the context of a weakening real estate market and tight monetary policy of the government.1. Vietnam steel market fluctuationsAccording to the assessment from VSA, 2022 is a challenging year when the decline in the domestic consumption market has affected the price of steel, and the cost of production materials is also complicated. Those changes lead to many steel enterprises falling into predicament and loss.Specifically, Hoa Phat Group Joint Stock Company achieved a revenue of VND 142,000 billion, down 5% compared to 2021. In terms of output, Hoa Phat has supplied the market with 7.2 million tons of steel (including billet, steel) construction, hot rolled coil), the result is down 7% compared to 2021.Not only Hoa Phat faced difficulties, but also other giant enterprises in the steel industry also struggled because of declining revenue. Vietnam Steel Corporation - VNSteel recorded revenue of VND 38,732 billion, down 5% compared to the previous year of 2021.2. Main Challenges For Vietnam Steel IndustryBased on the assessment of many experts, the biggest reason for the decline comes from the large fluctuation in steel price while the consumption demand is not very positive.2.1 Impact from real estate & global inflationaryThe domestic real estate market has shown signs of weakness for a long time, it caused a heavy blow to the demand of using steel as well as prices. Domestic raw materials still cannot avoid undering the pressure from global inflation, specifically the price of petrol and raw materials such as iron and steel has increased rapidly in the Vietnam market since the recovery of the Covid pandemic.2.2 Consequence of Russia & Ukraine conflictIn addition to the above issues, indirect factors related to the conflict between Russia and Ukraine cannot be ignored. Specifically, Russia is one of the world's largest in supplying coal, the dispute between the two countries has disrupted coal supply. Coal prices have increased many times when compared to the normal level, which has led to an increase in the general price of input materials for production.Unusual disparity of Russia's coal exporting volume to the Asia countries2.3 China’s “Zero-Covid” Policy Affect to Vietnam Steel MarketBesides that, China's zero covid policy also affects the domestic steel industry and raw material prices. Until now, China has always been the main export market of many domestic enterprises, so the tightening policies at the border gate have delayed many carrying trade and disrupted the transport cycle between the two countries. As a result of this delay, transportation costs have increased, which has led to an increase in the prices of raw materials.3. Prospects for Vietnam Steel MarketIn the face of these factors, the Vietnam steel market will inevitably face difficulties, but potential opportunities are still open to all businesses.Although the export situation is not very positive, the import of input materials for steel production has always remained stable when it only decreased slightly by 8% when compared to the same period last year. According to the most recent statistics, Vietnam's crude steel production capacity reaches 23 million tons/year, particularly hot-rolled coil (HRC) reaches 7-8 million tons/year. Vietnamese steel enterprises, in particular Hoa Phat Group, have invested in building large iron and steel factory complexes.Vietnam's ranking on crude steel production among countriesIt can be seen that Vietnam's steel industry is gradually becoming self-sufficient in input steel materials and they are not much dependent on foreign countries. The Vietnam steel market has had a strong development in steel production capacity and technology in recent years.Moreover, experts of finance show high expectations on the recovery of steel prices in 2023. The driving force of this expectation mainly comes from China's stimulus policy of the real estate market. This policy of China will dismantle difficulties for many businesses in the Vietnam steel market because China has always been an important export market for Vietnam.

The global steel trade conflict is increasingly exploding with trade defense lawsuits. Recently, Turkey has announced that it will continue to impose anti-dumping duties on hot-rolled steel plates originating from China, this is considered a new escalation in the trade conflict in terms of hot-rolled steel products between the two countries.1. Overview of the Türkiye imposed an anti-dumping tax on Chinese steelAccording to statistics from the World Steel Association, Turkey has always been considered as one of the significant steel factories in the world and this country has specific effects on the global steel supply chain.Steel has always been one of the critical economic sources in Turkey, however, each year Turkey has to import a significant amount of steel from other countries in order to meet the domestic demand for steel. Specifically, since 2015, hot-rolled flat steel imported from China has always accounted for a large proportion of the market share of steel imports in Türkiye. Thanks to its low price and abundant steel production capacity, China naturally becomes the second largest steel importer here (after Russia), which has helped China gradually dominate the output market share and make it competitive for domestic manufacturers.Turkey's Ministry of Economic Affairs decided to open a preliminary investigation on anti-dumping on hot rolled flat steel in December 2016 after strict requirements from the domestic steel corporation. After nearly a year of investigation, officially on November 29, 2017, the Turkish side announced an anti-dumping tax on Chinese hot-rolled flat steel products at 16.9%- 22.6%.Following international principles, anti-dumping duty will be practical for 5 years from the decision to impose the tax. When Turkey imposed anti-dumping duty took place in 2017, so on October 22, 2022, the Turkish authorities announced that they would review the investigation and continue to apply the anti-dumping duty definitively on Chinese hot-rolled flat steel.2. Vietnam's role in tensions about importing steel between Turkey and China Up to now, hot-rolled flat steel products originating in Vietnam have not been applied to anti-dumping duties by Turkish manufacturers. However, to avoid a sudden increase in imports which causes competitive pressure on the domestic steel industry, the Turkish Ministry of Economy has introduced temporary trade remedies to Vietnam.Specifically, from 2018 onwards, flat-rolled steel imports will be subject to a quota of about 3.1 million tons. If the amount of substances exceeds the given limit, the item will be subject to an additional duty of 25%.According to the newly updated data from Turkey Customs, in January 2023, Russia and China are still occupying the role of the two biggest players in the market share of steel imports here. Meanwhile, Vietnam accounts for only 0.003%, it can be said that Vietnam's steel import output is still not enough to cause competition as well as create anxiety for domestic steel enterprises. Therefore, the steel import-export relationship between Vietnam and Turkey is always within a safe threshold and it is difficult to get involved in disputes about trade remedies. Turkey has always been an ideal destination for a long-term hot-rolled steel plate import strategy for Vietnam and vice versa.

Once the country with the smallest economy in Southeast Asia, Vietnam has now merged as one of the world's fastest growing markets. According to statistics by WorldSteel, Vietnam is in the top 13 countries with the largest steel production in the world with 23 million tons of crude steel shipped in 2021. Besides, the Vietnamese government also promotes many preferential policies to increase export boost. Therefore, importing steel from Vietnam is a good choice for businesses that are in need of a reputable and cost-optimized supply of steel. In this article, MRS Steel will help you answer the question “how to import steel from Vietnam”.1. How to find steel importers from VietnamVietnam's steel products have been exported to more than 30 countries and territories around the world. This helps Vietnam's steel industry join the group of steel exporting countries with a turnover of more than 10 billion USD. Notably, Vietnam has 2 representatives of the top 100 largest steel enterprises in the world, Hoa Phat Group and Formosa Ha Tinh are ranked 59th and 61st respectively.  If importers want to import steel from Vietnam, MRS Steel can introduce other famous domestic steel manufacturers and suppliers, capable of meeting all requirements on quality and price best for you.2. Steel import duty rate from VietnamOne of the important steps to import steel from Vietnam is to check the duty rate of each product. Below are the duty rates for steel imported from Vietnam to the EU and US markets. Currently, Vietnam has signed FTAs with more than 50 countries around the world, so foreign businesses can enjoy preferential duty policies when importing Vietnam steel.To the EUThe tariff on steel in Vietnam is very low, accordingly, the export duty rate for semi-finished steel billet is 0%. However, some steel products imported into the European Union have to pay additional anti-dumping duties. Currently, businesses can access the TARIC system to check HS codes, duty rates and anti-dumping duties. The TARIC system can provide useful information about export procedures, data on duty rates, tariffs or other relevant information.To the USSimilar to the EU market, US importers can look up information on duty rates and anti-dumping duties at the Harmonized Tariff Schedule (https://hts.usitc.gov). To find the duty rate for a specific steel product, importers need to search for the name or code of the product in the column “General”.3. Conditions for importing steel from VietnamCurrently, Vietnam is the 16th largest trading partner of the EU and the second in ASEAN. Vietnam is also China's sixth largest trading partner and second largest exporter to the US in the first half of 2020. Therefore, the Vietnamese government also creates many preferential policies for exports. In many cases, certificates of origin (C/O) can be issued as quickly as 1-2 days. All goods exported in Vietnam must comply with Vietnam's customs clearance regulations and check the quality, specifications, quantity and volume of goods.Vietnam's customs procedures are relatively complicated and can change according to the development direction of the government with little or no prior notice. To quickly update news, customs clearance regulations, processing time, import and export procedures, you can contact MRS Steel for advice and guidance on all complicated procedures. Below are some detailed requirements when importing steel from Vietnam to the EU and the US.To the EUAll construction steel products comply with regulation (EU) No 305/2011 on harmonized sales conditions. For example, this regulation applies to steel pipe products and steel structures. Importers are required to have CE marking, test report, CE certification, performance statement report.Some documents and customs procedures are as follows:Exporter's commercial invoicePacking listBill of lading (B/L, BOL) – For sea freightTo the USCurrently, the US does not have a uniform law on market requirements for imported goods. However, all products entering the US require a Country of Origin (COO) with the following documents:Commercial invoice (from the exporter);Packing list;Bill of Lading (B/L, BOL) – For sea freight;Entry Manifest (CBP Form 7533)4. Notes for steel imports from VietnamCurrently, on the market, there are many fraudulent export companies with the aim of appropriating the assets of inexperienced importers. Therefore, you need to ensure the reliability and reputation of the supplier before working and dealing with them. Here are important notes to help you avoid being scammed:Vendor verificationVietnam has many large exporting steel enterprises, but not all of them are reputable and of good quality. You need to check all information and capacity of the factory before deciding to trade. However, due to many reasons of language, geographical and information barriers, importers should use the services of sourcing companies, such as MRS Steel, to reduce risks. With a network of connections is the largest steel companies in Vietnam such as Hoa Phat Group, Ton Hoa Sen, Nam Kim, Ton Dong A,..., MRS Steel can meet all product and cost requirements as well as support for other arising problems.Quality control of goods in VietnamBefore your goods are successfully imported, it is important to control the quality, safe and correct transportation of steel. Once the goods have arrived in your country, changing and returning the order is complicated and laborious. Sourcing service companies can assist you 100% with these issues including updating, monitoring the whole process, checking and carefully shipping the goods to the customer.Above is the news about "How to import steel from Vietnam" by MRS Steel. Hopefully the above information has helped you better understand the process of importing steel from Vietnam and choose professional and reputable suppliers. For any questions and needs to source quality iron and steel in Vietnam, please contact MRS Steel via Whatsapp +84 76 911 2358