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Stainless steel is an indispensable material for global industry and construction. According to the International Stainless Steel Forum (ISSF), it is predicted that stainless steel consumption will increase by 3.6% by 2024. Vietnam has many advantages in stainless steel production, promising a breakthrough in stainless steel exports in 2024. 1. Stainless Steel Outlook In 2024The world economic recession, high inflation, supply chain and political issues have caused many fluctuations in the steel market in general and stainless steel in particular. After a recovery of 2.3% in 2023, WorldSteel forecasts that global steel demand will grow by 1.7% in 2024.In addition, the Bureau of International Recycling (BIR) reported that the growth of global stainless steel is expected to reach up to 4% next year. Hot-rolled flat stainless steel consumption will grow at the fastest rate of 5.2% compared to 2023, followed by cold-rolled steel and long steel with rates of 3.2% and 3.7%, respectively.The highest stainless steel consumption in 2024 is expected in Asia (excluding China) with 5.6% over the same period, followed by the EU, Africa and China.2. Stainless Steel Consumption Outlook for Asia in 2024According to The Mirror newspaper, Asia's stainless steel prices bottomed out in August and gradually recovered in September 2023, but it is still difficult to accurately predict the future situation. The report also highlights the backlog and difficulties of the stainless steel market in the fourth quarter. The cause is said to be due to the depletion of scrap sources and the macroeconomic recession leading to production stagnation. The latest data from the Indian Stainless Steel Development Association shows that domestic consumption rose nearly 10% in the most recent financial year. World average stainless steel production decreased by 5.2% in 2021 and 55.2% in 2022.3. Stainless Steel Consumption Outlook for Other Regions in 2024In the United States, the economy is gradually recovering well, sectors such as infrastructure and energy production are growing steadily. After a 2.6% decrease in 2022, US steel demand has increased again by 1.3% in 2023 and is expected to increase by 2.5% in 2024. As of the first half of 2023, the US has exported more than 267,000 tons of recycled stainless steel, up 78% over the same period in 2022.Robust increase in demand for stainless steel in industrial sectors in Mexico, India, Taiwan, and Middle East regions brings promising prospects for the global stainless steel industry.4. Strength Of Vietnamese Stainless Steel Imports In The FutureVietnam is one of the potential stainless steel import markets in Asia in particular and the world in general. In 2023, Vietnam continues to promote investment projects in modern production line systems such as Sendzimir rolling machine - 1300mm wide stainless steel cold rolling technology and machinery equipment from Tenova, Danieli,... Currently, Vietnamese stainless steel has been exported to many major markets such as the United States, Australia, India, Turkey, Europe,... fully meeting the standards international and customer wishes.With the mission of bringing the most perfect experiences to customers, AG真人游戏 Steel constantly expands its network connecting the largest factories in Vietnam so that importers have the best choices. In particular, with a team of experts in market analysis, sourcing and supply chain, AG真人游戏 Steel can support you from A-Z.If you have any questions or need to import quality Vietnamese steel at the best price at any time, please contact AG真人游戏 Steel via Email: [email protected] or Whatsapp: +84 76 911 2358 for enthusiastic consultation.

As one of the primary industries impacting the environment, the Vietnam Steel Association recently organized a workshop on the steel sector with the objective of achieving carbon neutrality by 2050. This also signifies Vietnam's technological transition direction towards a green steel industry.During the four discussion sessions at the workshop, participants focused on the following topics: The Vietnam steel industry aiming for the carbon neutrality goal by 2050; experiences and carbon neutrality roadmaps of other countries and recommendations for Vietnam; technological transition directions towards carbon neutrality in steel production and collaboration mechanisms; and the green transition roadmap of the business community.In recent times, the steel industry has progressively developed and made significant contributions to the industrialization and modernization of the country. Today, Vietnam has become the 13th largest raw steel producer in the world and leads the ASEAN in production and consumption of finished steel products. With the rapid growth of the steel industry, Vietnam is proactively pioneering the execution of the goal for carbon neutrality by 2050.As one of the countries with a growing steel industry, it is also an industry that significantly impacts the environment, accounting for 7% - 9% of the country's total emissions and 45% of industrial processes (as identified in the national climate change strategy). For this reason, Vietnam's steel sector is making progressive efforts to transform and optimize technology to enhance overall industry efficiency. The transition from 'gray steel' to 'green steel' is an inevitable trend and is aligned with the development goals of Vietnam's steel industry. Addressing climate change, reducing greenhouse gas emissions, protecting the environment, and conserving nature and biodiversity are crucial issues humanity needs to tackle. With these factors in mind, the Vietnamese steel industry should aim for a green growth strategy to achieve a net-zero carbon emission goal by 2050.Businesses in Vietnam, led by Hoa Phat, have prioritized investing in the development of high-tech steels and special steels to serve the mechanical fabrication industry, automotive industry, shipbuilding, structural steel, and more. Simultaneously, Hoa Phat always focuses on optimizing all production stages towards a circular, closed-loop model, reducing energy consumption, and establishing a roadmap for green steel development. This includes reducing CO2 emissions in line with the government's general direction, aiming for carbon neutrality by 2050. However, a current issue is that implementing emission reductions will impact the production costs of businesses. All steel manufacturing enterprises bear these cost implications. This is a challenge, but it also serves as a motivation for the steel industry to aim for stronger exports to other markets.Above are the details regarding the direction of Vietnam's steel industry towards the goal of achieving carbon neutrality by 2050. This truly represents a significant challenge for the Vietnamese steel sector in the upcoming period. This objective is not only a responsibility towards the environment but also a mission for Vietnam to become a sustainable steel-producing nation, pioneering in the region and globally. With the commitment and effort of the entire industry, this goal is entirely feasible and will pave the way for a new future for the Vietnamese steel industry.

Stemming from the US's imposition of anti-dumping duties on Korean stainless steel round wire products, recently, the US Department of Commerce (DOC) has issued a final conclusion. Accordingly, Vietnam's stainless steel wire does not evade anti-dumping duty in the US.1. The US: Vietnamese stainless steel wire products not circumventing US anti-dumping dutyAccording to the report of the United States International Trade Commission (USITC), the output of stainless steel wire (HS 7223) of Vietnam exported to the US market in 2021 will reach about 4.9 million USD. In May 2021, North American Stainless (NAS) company requested the US Department of Commerce (DOC) to investigate the evasion of anti-dumping duty on stainless steel round wire products imported from Vietnam because of its suspicion of products HS 7223 is manufactured from imported materials from Korea. Accordingly, the United States imposed a definitive anti-dumping duty on stainless steel wire from Korea at the rate of 4.73%, applicable from February 24, 2022.In February 2022, at the request of the US manufacturer, the DOC officially initiated an investigation from January 1, 2020 to December 31, 2021.In December 2022, the DOC made a preliminary conclusion of the case, according to which Vietnam's stainless steel wire products manufactured from materials imported from Korea didn鈥檛 violate the anti-dumping duty that the United States is applying with similar products from Korea.Recently, the Trade Remedies Administration said that on May 22, 2023, the US Department of Commerce maintained the statement in its previous preliminary conclusion in December 2022.Thanks to the efforts and support of the Ministry of Industry and Trade, relevant ministries and branches of Vietnam have achieved positive results in the case of HS 7223 steel product investigation. Thus,  stainless steel round wire products of Vietnam do not evade anti-dumping duty in the United States.2. Situation of anti-dumping investigation in the US marketThe United States is one of the countries that frequently uses trade remedies, especially for imported steel. According to WTO statistics, by the end of June 2022, the US has investigated a total of 1,177 cases and applied 832 trade remedies. By the end of December 2022, the United States had handled 53 trade remedies against goods imported from Vietnam. In 2022, the US initiated an investigation into 12 more cases, of which mainly steel products, solar batteries, wooden cabinets, staples, wire steel,...3. Vietnam increases steel exports to the US marketOn April 15, 2023, the United States extended sanctions against Russia by one year. This has contributed to a shortage of supply and an increase in steel price in the world. However, this event created favorable conditions for Vietnam's steel industry to boost exports to the European and American markets.Vietnam's total steel production volume in 2022 will reach 29.34 million tons, total consumption volume of all kinds will reach 27.3 million tons. According to statistics of the General Department of Customs, the total bilateral trade between the United States and Vietnam in 2022 is approximately 123.9 billion USD, up 11% compared to 2021. In which, Vietnam exports to the United States reached 109.4 billion USD, up 13.6% compared to 2021, accounting for 29.5% of Vietnam's total exports.By the end of October 2022, Vietnam is the 7th largest trading partner of the United States with a total import-export turnover of 129.6 billion USD, an increase of 26.7% compared to 2021. Particularly, Vietnam's exports to the US reached 119 billion USD, up 28.9%.Iron and steel are the top 2 export products with a strong growth rate with a total value of 1.06 billion USD, up 49.6% compared to 2021.4. AG真人游戏 Steel 鈥� Prestigious import sourcing unitFacing the pros and cons in importing steel from Vietnam, customers should contact domestic sourcing units for the best support in terms of product quality and cost.AG真人游戏 Steel is one of the pioneers in the field of exporting steel to demanding markets such as the United States, Europe, ASEAN,... With more than 12 years of experience, AG真人游戏 Steel brings you remarkable experiences like:Providing in-depth market research to help importers understand the situation of Vietnam's steel marketA wide network of relationships with the largest steel manufacturers in Vietnam such as Hoa Phat, Ton Hoa Sen, Nam Kim, Ton Dong A,..., helps customers connect with the companies that best match their order requirements.Supporting inspection and assessment of product quality, commit that goods meet agreed requirements and standards.Providing logistics and transportation solutions that help importers easily control the delivery and receipt process to the desired destination.Vietnam's stainless steel wire does not violate the US trade remedies, which opens up many opportunities for the two countries to continue promoting bilateral trade. For any questions about importing Vietnamese steel and requesting a detailed quote, please contact AG真人游戏 Steel via Email [email protected] for the fastest response.

On June 28, 2023, the UK continued to maintain anti-dumping measures on heavy plate steel imported from China. This decision was made after the government considered recommendations from the Trade Remedies Authority (TRA) that the domestic steel industry would suffer significant damage if previous trade remedies measures were lifted.1. EU: Imposing definitive anti-dumping duty on non-alloy steel plate or other alloy steel imported from ChinaOn February 13, 2016, the European Commission initiated an anti-dumping investigation on steel products imported from China, specifically goods of flat products of non-alloy or other steel (excluding stainless steel, silicon-electrical steel, tool steel and high-speed steel), hot-rolled, not clad, plated or coated, not in coils.Products with thickness and width specified under Notice No. 2016/C 58/09, classified under the following HS codes: ex. 7208.51.20, 7208.51.91, 7208.51.98, 7208.52.91, 7208.90.20, 7208.90.80, 7225.40.40, 7225.40.60 and 7225.99.00.On August 11, 2016, the European Commission required that goods from China be registered with Customs for a period of nine months. As of August 11, 2016, the EC has imposed a provisional anti-dumping duty at a rate of duty is between 65.1% and 73.7% of the net-free-at-Union-frontier price depending on the company. The trade remedy measure on the above products imported from China is subject to Commission Implementation Regulation No. 2016/1888, was in force for a period of 6 months.Following the conclusions of the damage caused by China's cheap supply of heavy plate steel, the European Commission imposed definitive anti-dumping duties on the goods under investigation group. The amount of duty is between 65.1% and 73.7% of the net-free-at-Union-frontier price before duty depending on the company, in effective until February 28, 2022.However, in the face of recommendations from stakeholders and market fluctuations, on September 3, 2019, the EC issued Commission Implementation Regulation 2019/1382 regulating the definitive anti-dumping duties on imports of non-alloyed or alloyed steel plates from China if the safeguard duty is also levied on the same good. Accordingly, the definitive anti-dumping duty is adjusted in the range of 40.1 - 48.7% in case when the product is also subject to a 25% safeguard duty out of quota.According to the EU Withdrawal Agreement, from January 1, 2021, the UK is no longer a member of the EU and the application of safeguard measures on steel products is carried out independently between the EU and the UK. After this event, both the UK and the EU conducted a review and updated the trade protectionsm being applied. Therefore, on February 25, 2022, the European Commission announced the intitation of a sunset review of the definitive duty imposed on steel products from China.2. UK: extends anti-dumping duty on heavy plate steel imported from ChinaHeavy plate steel is one of the main materials for the production of construction equipment, oil and gas pipelines, shipbuilding, bridges and buildings. The construction and machinery manufacturing sectors account for over 70% of the UK's heavy plate steel consumption. Today, Spartan UK Ltd and Liberty Steel Dalzell Ltd are the UK's two largest producers of heavy plate steel, contributing 拢10-20 million to the UK economy each year.Therefore, when realizing that the source of cheap steel imported from China has seriously threatened business activities and profits, manufacturers have filed a complaint with the Trade Remedies Authority (TRA). The TRA investigation found that failure to impose strict safeguards on imported goods would have caused damage to British industry, with the risk of shutting down steel mills in North Lincolnshire and North Lanarkshire.On June 28, 2023, the UK government made the conclusion that the anti-dumping measures for heavy plate steel imported from China would remain in effect for 5 years.3. Prospects of Vietnam's steel imports to the UK 2023For Vietnam, the UK is currently the 13th largest important trading partner among countries and territories in the world, ranking 5th among European and American countries and territories. According to data of Vietnam Customs, in the first 11 months of 2021, Vietnam's total export turnover to the UK reached $5.24 billion, leading the growth rate was iron and steel products with an increase of 1269%, followed by products from iron and steel increased by 91.1%.The outstanding growth of iron and steel products by the recovery of industries in Europe after the pandemic. On the other hand, Vietnam's steel production output has improved in both quality and quantity. In 2021, Vietnam's crude steel output reached 23 million tons, finished steel products reached 33 million tons, the amount of steel exported to the UK increased by 708%, reaching 418,903 tons with an average price of 1172.7 USD/ton, increased by 69.5% over the same period last year.On March 13, 2023, Vietnam had the opportunity to welcome the UK Prime Minister's Trade Envoy to discuss bilateral investment and trade between Vietnam and the UK 2023. At the meeting, the two sides agreed on solutions to promote bilateral economic and trade cooperation, effectively implementing the UKVFTA and CPTPP Agreements. Through this event, the British government also continued to increase support and create favorable conditions to promote import and export activities between Vietnam and the UK. Therefore, most of Vietnam's steel products exported to the UK have grown well thanks to duty incentives.The UK government's move to extend anti-dumping duties on heavy plate steel imported from China may cause a supply chain shortage for domestic production. Finding alternative steel exporters is a solution that businesses can consider. Any demand for quotation and import of cheap and quality steel from Vietnam, please contact AG真人游戏 Steel via Whatsapp: +84 76 911 2358 for the best support.

2022 is a tough year for the world steel industry in general and Vietnam in particular because of the effects of the Russia-Ukraine war, high inflation and interest rates as well as China expanding lockdowns as Covid-19 epidemic. According to the forecast of the World Steel Association, steel demand and price in the world in the first half of 2023 will have significant changes. In this article, AG真人游戏 Steel will dive deeper into the situation of Vietnam's steel industry and key steel producing regions in the world today.1. Vietnam steel prices tend to decreaseAccording to a recent report of the Vietnam Steel Association (VSA), the price of construction steel has just decreased by 270,000 VND/ton, the lowest in the past two months. On June 15, Hoa Phat adjusted the price of CB240 coil to 14.29 million VND/ton, the price of D10 CB300 rebar to 14.69 million VND/ton, down 200,000 VND/ton.Other brands such as Vietnam Italy, Viet Duc, Viet Nhat, Pomina also lowered the price of the two above steels similarly. Thus, from the beginning of April until now, steel price has dropped 11 times in a row with a cumulative decrease of nearly 3 million VND/ton. The continuous reduction of steel prices by factories aims to improve production and consumption in the domestic market. Data from VSA shows that in May 2023, the whole country produced more than 2.2 million tons of finished steel, up 2.3% over the previous month. Domestic consumption volume also recorded more than 2.3 million tons, up 13.6% compared to April and tended to continue to increase.Regarding the export situation in the first quarter of 2023, Vietnam sold about 2,299 million tons to foreign countries with a total value of 1.72 billion USD. Currently, Vietnam exports iron and steel to 30 markets, mainly ASEAN (36.38%), the EU (24.15%), the US (7.55%), India (5.72%) and Turkey (3.21%). 2. Asia to drive steel demand recovery 2023-2024According to the World Steel Association, the main indicators of the real estate construction industry may increase by the end of 2023 but still not significantly. Meanwhile, infrastructure investment is tending to shift to projects that focus on less steel. China's steel demand is expected to recover 2%, reach 939.3 million tons in 2023 and stay flat in 2024.Structural steel demand in ASEAN markets recorded a strong increase. Recovering from the Covid-19 pandemic, Indonesia, the Philippines, and Vietnam began to restart delayed tourism and infrastructure projects. It is expected that the growth in steel demand of ASEAN will reach 77.1 million tons, up 6.2%, while in 2024 may increase by 5.7%.Overall, worldsteel expects steel demand in 2023 to increase by 40.8 million tons, reaching $1,8223 billion. In which, China contributed 18.4 million tons, ASEAN 4.5 million tons, Japan 2.2 million tons and South Korea 1.5 million tons.3. Steel prospect in developed and developing economiesSteel demand in developed economies such as Europe, the United States, Russia, Turkey,... has suffered a sizable contraction due to the effects of the Russia-Ukraine conflict, high energy costs and monetary tightening. After a decrease of 6.2% in 2022, the steel situation is expected to be more positive with an increase of 1.3% in 2023 and 3.2% in 2024.3.1. European Union and United KingdomDespite being significantly affected by the energy crisis caused by the Ukraine war, the EU's economy grew steadily by 3.5% in 2022. However, industrial activities still suffered significant losses due to high energy costs leading to a significant reduction in steel demand in 2022. In 2023, the EU steel industry is still facing many difficulties due to supply chain disruptions and currency tightening, expected to fall by 0.4%. A 5.6% rebound is expected in 2024. 3.2. USAThe US economy has taken a strong turn after the pandemic with the recovery and growth of the manufacturing and energy industries. Benefiting from the expansion of manufacturing operations, US steel demand in 2023 is expected to grow by 1.3% and then by 2.5% in 2024.3.3. IndiaAccording to the World Steel Association, India is still a bright spot in the global steel industry in 2023 thanks to managed inflation well. The automotive and consumer durables sectors are expected to grow steadily, leading to a healthy growth in steel demand at 7.3% in 2023 and 6.2% in 2024.With the forecast of steel demand growth in developed and developing economies in the period of 2023-2024, it will help importers to have the most effective purchase plan. Don't forget to follow AG真人游戏 Steel to keep up to date with the latest news about Vietnam and the world's steel industry. Any need to import steel from Vietnam, please contact Whatsapp: +84 76 911 2358 for the best support from AG真人游戏 Steel.

According to the General Department of Customs, Vietnam's total import and export value of goods in August 2023 reached 62.08 billion USD, an increase of 8.8% compared to July. Of which, the total amount of iron and steel imported and exported by Vietnam in the first 8 months of 2023, Vietnam reached 15.1 million tons with a turnover of 12.1 billion USD, exports reached 1 million tons of steel with a value of 703 million USD and imported 1.15 million tons of iron and steel of all kinds with a value of 849 million USD. 1. General assessment of Vietnam's import and export situation in August 2023In August 2023, total import and export turnover of goods is estimated to reach 60.92 billion USD, up 6.7% compared to July and down 7.9% over the same period last year. In the first 8 months of 2023, total import and export turnover of goods is estimated at 435.23 billion USD, down 13.1% over the same period last year. Accordingly, there are 30 items with export turnover of more than 1 billion USD, accounting for 91.8% of total export turnover. There are 5 export items with more than 10 billion USD, accounting for 58.4% (electronics, computers and components; phones and components; machinery, equipment, other tools and spare parts; textiles and garments; shoes).2. Vietnam steel export situation in August 2023Regarding the structure of exported goods, the fuel and mineral goods group is estimated at 2.82 billion USD (accounting for 1.2%), the processed industrial goods group is estimated at 201.31 billion USD (accounting for 88.4%) , the agricultural and forestry product group is estimated to reach 17.87 billion USD (accounting for 7.9%); The seafood group is estimated to reach 5.71 billion USD (accounting for 2.5%).According to data from the General Statistics Office, merchandise export turnover in August 2023 is estimated to reach 32.37 billion USD, an increase of 7.7% compared to the previous month, marking the fourth consecutive month of export turnover of Vietnam. Export items that recorded increased growth compared to the previous month include: electronic products, computers and components; phones and components, textiles, footwear; wood and wood products,...The amount of iron and steel exported in August reached 1 million tons with a value of 703 million USD, an increase of 91.8% in volume over the same period last year and 53.4% in value. Regarding the market, cumulatively in the first 7 months of 2023 alone, Italy is still Vietnam's largest iron and steel export market with 1.05 million tons, followed by Cambodia with 657,262 tons and the US with 591,790 tons.3. Vietnam's steel import situation in August 2023In August 2023, Vietnam imported 1.15 million tons of iron and steel worth 849 million USD, an increase of 46.5% in volume over the same period last year. The main imported goods are hot rolled steel, bars, and non-alloy steel. Regarding the market, Vietnam imports the most iron and steel in China with a total output in the first 7 months of 2023 of 3.7 million tons, reaching 2.72 billion USD, followed by Japan with 1.1 million tons, Korea China reached 599,193 tons, Taiwan reached 404,107 tons.4. Advantages of Vietnam's steel exports in the new contextCommenting on the steel export situation in the coming time, the Ministry of Industry and Trade said there will be many positive signals because inflation in major economies is showing a decreasing trend and consumption demand is gradually increasing.Another favorable factor for exports in the last months of the year the US has a low inventory of goods, recorded at 20% in the first 6 months of the year but by August has decreased to 10% and is forecast to reach 0% by the end of 2023. At the same time, industrialized countries such as the United States, EU, UK,... continue to promote supply diversification strategies that will help Vietnamese iron and steel become an important export market in the global value chain.In addition, Vietnam has an increasingly strong position in ASEAN with this region being the focus of influence of developed countries such as the EU building the Indo-Pacific strategy, the United States promoting IPEF negotiations, the UK successfully negotiating to join CPTPP,... These factors will create ideal conditions for Vietnam's steel export activities.Vietnam's signing of free trade agreements (FTAs) with Europe and America continues to have a positive impact on trade and steel exports, especially in terms of incentives tax rate, anti-dumping 0%.It is forecasted that in the coming time, under positive changes in the market economy, especially large countries will open up many steel export opportunities for Vietnam. If you have a need for Vietnam steel import and export data in August 2023, please leave your information to receive a FREE report file. 

T眉rkiye, one of the key economies in the Eastern and Middle Eastern region, has recently announced a 20% increase in electricity prices since the beginning of October. This decision not only affects daily life but also directly impacts the steel industry of the country.Cause of price increaseAlthough the specific reasons for the price increase have not been officially announced, many experts believe that the significant rise in oil, natural gas, and other energy sources has had a profound impact on the national economy, leading to T眉rkiye's decision to increase electricity prices by 20%. Additionally, T眉rkiye heavily relies on energy imports from other countries, making it susceptible to fluctuations in international market prices. The electricity price hike not only affects T眉rkiye's economy but also has a direct impact on its steel industry.Reaction from public opinion and business circlesThe electricity price increase is indeed creating significant financial pressure for households and businesses in T眉rkiye. Many citizens are worried that the new pricing levels will raise living expenses and reduce their consumption capacity. For businesses, especially those in energy-intensive sectors like the steel industry, the electricity price hike will result in higher production costs, affecting product prices and their competitiveness in the market.In a series of consecutive economic events, the increase in electricity prices has generated a ripple effect, with the most noteworthy being the surge in steel prices. Steel production is one of the energy-intensive industries. According to reports, the steel industry typically accounts for a significant portion of total electricity consumption in many countries. Therefore, any fluctuations in electricity prices have the potential to directly impact steel production costs. Consequently, T眉rkiye's decision to raise electricity prices is also adding pressure to the country's steel industry.Currently, steel manufacturers in T眉rkiye are facing difficulties in exporting steel due to non-competitive prices compared to global market competitors. Furthermore, alongside the increase in electricity prices in T眉rkiye, the domestic steel industry will once again have to grapple with the pressure of rising steel prices. When electricity prices rise, the energy costs for steel production also increase, leading to higher production costs for steel. Coupled with the decreasing global demand for steel and stable scrap metal prices, this could exacerbate export challenges for domestically manufactured steel products.Future prospectsWith the significant increase in electricity prices, the Government of T眉rkiye has promised to implement support measures to alleviate the financial burden on citizens and businesses. However, some economic experts argue that adjusting electricity prices is necessary to ensure the stability of the energy supply and the long-term sustainability of the economy.The higher electricity prices could indeed incentivize steel companies to seek energy-saving solutions, adopt new technologies, and improve their production processes to mitigate the impact of electricity costs. The T眉rkiye steel industry may explore investments in and the adoption of alternative energy sources, such as renewable energy or nuclear energy, to address this challenge. These measures can not only help reduce the industry's reliance on expensive electricity but also contribute to sustainability and environmental goals.Although the high electricity prices create pressure on T眉rkiye's steel industry, they also present opportunities for innovation and optimization. By continuing to invest in technology, improving efficiency, and exploring alternative energy sources, the T眉rkiye steel sector can overcome these challenges and continue to grow robustly in the future. Adaptation and forward-thinking strategies can lead to a more sustainable and competitive industry.Here is the information that AG真人游戏 Steel has provided to you regarding T眉rkiye's 20% electricity price increase. The electricity price hike not only affects daily life but also directly impacts the country's steel industry. If you have any questions or inquiries about the article, please feel free to contact us, and we will be happy to assist.

In the context of decreasing domestic steel prices, steel experts analyze that many optimistic signals will show towards the end of 2023. Positive indicators from Hoa Phat's revenue, the recovery potential from the real estate market, and the breakthrough demand from the export market have kindled hope for the Vietnamese steel industry.Positive signals from the Vietnam steel industry giant - Hoa PhatA distinct positive signal comes from the revenue of Vietnam's steel industry titan - Hoa Phat. Specifically, in Q2/2023, the conglomerate's revenue reached VND 29.800 trillion (equivalent to 1.2 billion USD), marking a 21% decrease compared to the same period last year. However, the after-tax profit for Q2 is tripling from Q1 with 1.448 trillion VND (over 59 million USD).Hoa Phat is currently regarded as the leading enterprise within the scope of Vietnam's steel industry, possessing more than seven high-furnace steel mills. Depending on the crude steel capacity of 8.5 million tons per year, Hoa Phat has been at the forefront of the construction steel segment in the Vietnamese steel market for many years. The positive export shift also contributed to the enterprise's recovery in the recent Q2, especially in the HRC segment in significant markets, including Europe and the ASEAN region. As such, Hoa Phat's business prospects are also seen as a hope for many other Vietnamese steel companies.The real estate market's resurgence boosts steel consumption demandThe most significant hope for the domestic steel market now depends on the recovery signals from the real estate sector aimed at stimulating construction and driving steel consumption. VNDirect - Securities Joint Stock Company predicts that real estate supply will clearly recover and become vibrant again from 2024. Therefore, the steel demand will be boosted again. Accordingly, steel demand had decreased due to the sluggish real estate situation since the second quarter of 2022, when home buying interest rates increased, and credit room was limited.Currently, the government is trying to address challenges by introducing policies that allow real estate investors to extend debt payments for bonds and banks, reducing cash flow pressure and facilitating the deployment of future projects. Concurrently, VNDirect also anticipates timely amendments to the Land Law, which would help streamline housing project approvals, fostering the demand for housing construction and efficiently addressing the domestic steel consumption output.Steel demand surges from the export marketAccording to VNDirect's assessment, consumption and export volumes in China are expected to decrease in the second half of 2023. While China is considered the world's largest steel factory, nearly half of its major plants have reported losses over the past six months, leading them to have to reduce production. Reducing China's imported steel supply will ease competition for Vietnamese exporters, offering further opportunities for Vietnamese steel enterprises to expand their global market share.Amidst the positive export trend, Q2 revenues for Vietnamese steel companies were almost on par with Q1/2023. Specifically, the total industry steel consumption reached 6 million tons, of which exported volume was 2.1 million tons, increasing 25% compared to the same quarter of the previous year and a 34% rise from Q1/2023. Hot rolled coil steel (HRC) exports surged to 1.1 million tons, a 128% increase year-on-year and over 50% growth from Q1/2023.Regarding the steel industry's outlook for the end of the year, many analysts believe that steel consumption will closely match the previous year's levels despite a less optimistic Q1. Additionally, leading global forecasting firms anticipate a down in iron ore and coking coal prices, which will alleviate input cost burdens for manufacturers, consequently improving profit margins. 

Although the iron and steel market this year is sluggish, the prospect of increased steel production capacity in Southeast Asian countries next year will lead to a sharp increase in demand for steel ore and scrap steel.Steel demand in Southeast Asian countries will increase in the near futureAt a conference on recycled materials in Southeast Asia in Bangkok, Thailand, experts said Southeast Asia is unlike other parts of Asia such as China, India, Korea,...Southeast Asia is about to shift to using iron ore and scrap steel for steel processing in blast furnaces (BF) and oxygen blast furnaces (BOF) in the near future. These are investments from China to develop the Southeast Asian steel market.This shows that, in addition to soaring iron ore demand, senior analyst Alexander Kershaw also forecasts scrap steel demand in the region to grow by 50% over the next 10 years.Under Chinese investment in BOF furnaces under construction in countries like the Philippines, Cambodia will dramatically increase steel production capacity in Southeast Asia. According to the Southeast Asian Iron and Steel Institute (Seaisi), Malaysia will add 30 million tons of new capacity each year, of which 21 million tons per year are expected to start production in 2024; Indonesia will add 3 million tons per year in 2023 and 5.2 million tons per year in 2026, along with 17 million tons per year with an unconfirmed completion date. If new production capacity goes as planned, the growth rate of BOF technology in the region will increase by 25% between 2020 and 2026, while the expansion rate of EAF technology, which uses a lot of scrap steel, will be only 1% from 2020 to 2026.Scrap steel is expected to increaseAccording to Mr. Yeoh Wee Jin, Secretary General of Seaisi, although iron ore consumption in the region will increase dramatically in the near future, the demand for scrap steel will remain unchanged. Scrap demand in Southeast Asia will remain strong, and analysts say the strong growth of BOF will also benefit scrap steel demand. Scrap is one of the materials needed for the operation of the BOF furnace.Although scrap steel demand is expected to skyrocket in the future, under the current situation, demand for secondary raw materials in Southeast Asian countries is expected to decrease. According to Fastmarkets.com, in the period from January to June 2023, Vietnam imported 2.34 million tons of scrap steel, down 7.6% compared to the same period last year. Also in the January鈥揗ay 2023 period, Indonesia imported 425,459 tons, down 19.5% over the same period last year.Thus, in the coming time, along with the growth of steel production capacity, the demand for scrap steel in Southeast Asian countries will also grow strongly. Using scrap steel to produce finished steel brings economic benefits and ensures the supply of inputs for steel production.AG真人游戏 Steel has given you the necessary information about the steel situation in Southeast Asian countries in the near future. Our company also buys scrap steel in bulk; if you need to sell scrap steel, please contact us here. 

Turkey's Central Bank recently unexpectedly increased interest rate from 17.% to 25% at the end of August, which led to a rise in the Turkish lira. The event has directly affected the Turkish long steel market due to the buyers' wait for exchange rates to settle and competitive pressure from the export market.The hike in interest rates has an impact on the Turkish long steel marketThe recent decision by the Central Bank of Turkey on August 24 to unexpectedly raise the interest rate for loans from 17.5% to 25% has sent shockwaves through the country. This decision was a departure from the previous strategy of keeping interest rates low despite high inflation. The increase in interest rates has led to a significant appreciation of the Turkish lira compared to other currencies, disrupting steel trading activities in the domestic market.Before the central bank's interest rate hike, many steel suppliers in Turkey had proactively reduced their prices to liquidate inventory, while others temporarily halted sales operations to await exchange rate stability. According to Kallanish, long steel producers in Turkey struggle to generate revenue in the domestic and export markets due to buyer tendencies to wait for lower prices. Consequently, they have been forced to lower product prices despite the stability of scrap steel prices.Since September 7, the price of long steel on the market has dropped to 565 - 580 USD/ton while last week, this price was at 580 USD - 590 USD/ton. In the export market, Turkey's official rebar steel prices from August 24 to September 1 were mainly in the range of 580 - 590 USD per ton, representing an approximately 20% increase compared to the previous week's 570-580 USD per ton.The trade balance instability in Turkey in the first half of 2023The increasing price disparity between Turkish steel and its competitors in the international market has contributed to a significant decline in export volumes in this country in the first half of 2023. Specifically, in the first six months of 2023, Turkey's steel export volume reached 4.5 million tons and decreased by more than 40% compared to the same period last year. The country's steel manufacturers expect oil and gas pipeline conglomerates to maintain or reduce natural gas prices to reduce pressure on input material costs, thereby increasing their competitiveness in the export market.Conversely, steel imports in this country have increased by 23% in the first half of this year, with an import volume of 9.5 million tons. According to the Turkish Steel Producers Association (TCUD), the rapid increase in domestic demand is mainly due to infrastructure reconstruction after the earthquake event in January. In the first six months of 2023, long steel imports increased by 43.5%, and wire rod steel imports surged by 82.5%. Turkey has been considered a net steel exporter but the continuous importation of long steel in recent months has raised concerns about trade deficits.The Turkish Steel Producers Association (TCUD) stated that several countries have significantly increased their steel market share in the domestic market, creating direct competition for domestic producers. Typical countries include China, India, South Korea, and Indonesia. The association is currently considering future trade defense measures to prevent the increasing importation of steel products.In the face of the sharp increase in steel imports from Turkey, Vietnam's steel industry has benefited significantly. In the first quarter of 2023, Vietnam's steel export volume experienced a remarkable increase of more than 300 times compared to the same period. However, since the second quarter, Vietnam has been more proactive in preparing for trade defense risks through fair competition and effective control of imported steel volumes to maintain stable trade relations between the two countries.