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The SMC Trading and Investment Joint Stock 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 Trading and Investment 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 Joint Stock 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鈥檚 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鈥檚 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 [email protected] for the quickest response.

According to the latest data from the General Department of Customs of Vietnam, Vietnam's scrap steel imports volume in the past November unexpectedly reached 392,189 tons, a 25.8% increase compared to the previous month (over 312,000 tons of scrap in October). Cumulatively, in the 11 months of 2023, the total imported scrap amounted to 3.87 million tons, experiencing a slight decrease of 2.2% compared to the same period last year (3.96 million tons).Japan remains be the largest supplier of scrap steel to Vietnam in 2023Japan has consistently maintained its position as the primary provider of Vietnam scrap steel imports since 2018. In November alone, Japan supplied Vietnam with 212,438 tons of scrap steel, a remarkable increase of 241.4% compared to the same period last year. For the cumulative 11 months of 2023, the imported scrap volume from Japan reached over 1.436 million tons, constituting more than 40% of Vietnam's total scrap steel imports. In comparison to the same period last year, the import volume for the first 11 months of this year increased by 16%. Notably, Vietnam has focused on sustaining and enhancing its supply of scrap steel from Japan, despite the upward trend in scrap steel prices from Japan, which, as of December 2023, has reached $348 per ton in export prices.The imported scrap steel volume of Vietnam from January to November 2023Besides Japan, the United States stands as the second-largest market with a consistently high volume of scrap steel imports each month. Specifically, in November, Vietnam imported 48,515 tons of scrap steel from the United States, marking a 30.9% increase compared to the same period last year. Overall, for the first 11 months of 2023, the import volume of scrap steel from the United States reached 874,693 thousand tons, showing a slight 3% increase compared to the same period in 2022.Additionally, in the list of primary suppliers of scrap steel to Vietnam in November, Hong Kong and Australia were also notable contributors, with volumes reaching 38,874 tons (a 49% increase compared to the same period) and 9,265 tons (a remarkable 241.4% increase compared to the same period last year), respectively. In the first 11 months of 2023, Hong Kong's total export volume of scrap steel to Vietnam reached 377,303 tons, experiencing a slight 1.2% decrease compared to the same period last year. Similarly, Australia's supplied volume of scrap steel to the Vietnamese market for the first 11 months reached 236,266 tons, reflecting a 16% decrease compared to the same period.The demand for Vietnam鈥檚 scrap steel imports is expected rise in DecemberThe unexpected surge in scrap steel imports has been surprising, given that Vietnamese steel producers have largely maintained stable scrap imports over the past 10 months due to a prolonged slowdown in the domestic real estate sector. While some factories have reduced capacity and prioritized domestic scrap sourcing, larger-scale facilities continue to require substantial raw material imports. These factories anticipate a resurgence in steel demand after the lunar holiday, contributing to the anticipated growth in scrap steel imports in December. Another factor contributing to the increase of Vietnam's scrap steel imports comes from the country's recent open foreign policy. Many steel items, especially imported scrap steel, have seen a significant surge, partly to meet the needs of Vietnamese manufacturers and also due to the advantages of enjoying a 0% tax rate coupled with the removal of trade protection measures.The substantial increase in import demand has positioned Vietnam as a significant player in the global scrap steel import market this year. This strategic move not only helps meet domestic demand, especially for large-scale steel plants requiring extensive raw materials to maintain production and capacity stability, but also serves as a strategy to strengthen Vietnam's position in the international steel market. Through this approach, Vietnam can demonstrate its strength and competitiveness in the field of raw materials and steel production.

Nam Kim's business activities are expected to benefit directly when steel demand in a series of key export markets is forecast to grow strongly in 2024.1. Nam Kim steel exports will grow strongly by the end of 2023According to the latest report of the World Steel Association, global steel demand in 2023 is estimated to increase by 1.8% compared to 2022, a positive improvement compared to the decrease of 3.3% in 2022. In 2024, global steel demand is expected to continue to increase by 1.9%, reaching 1.84 billion tons with main export markets from the European Union (up 5.8% compared to 2023), India (up 7.7%) and the ASEAN region (up 5.2% compared to 2023).This creates favorable conditions for several Vietnamese steel enterprises, especially Nam Kim Steel Joint Stock Company. NKG is one of the largest steel export brands in Vietnam with strength in galvanized steel products. More than 60% of the group's consumption comes from key markets such as the EU, ASEAN and Australia.Besides, Nam Kim Steel is enjoying the lowest anti-dumping duty rate in many Vietnamese steel import markets such as Canada, Mexico, Australia and Malaysia.Latest data shows that Nam Kim Steel's main export markets are all in the group with a positive recovery in steel output in the first 10 months of 2023 like the EU region (up 86.2% over the same period in 2022) and Australia (up 9.1%).Regarding future development orientation, Nam Kim Steel is focusing on exploiting the EU, Australia, ASEAN markets, then the US due to barriers of tax rates of up to 25% as well as high Vietnam-US freight rates.Currently, Nam Kim Steel is in the top 3 enterprises with the largest market share in Vietnam (accounting for 17.3%). Notably, for steel pipe products, Nam Kim Steel is experiencing continuous market share growth in recent years. In 2022, NKG's steel pipe consumption growth rate was 3 times higher than the growth rate of the entire industry, accounting for 7.4% of the entire market share.2. Vietnamese steel benefits from the gradual recovery of steel pricesThe business activities of Nam Kim in particular and steel businesses in general will continue to benefit from the recovery in domestic steel prices. After 19 consecutive price reductions in the first 9 months of 2023, steel prices of all types in Vietnam have begun to recover with 3 consecutive price increases since the end of November 2023. The Vietnam Steel Association (VSA) predicts that domestic steel prices may increase slightly in the near future with a range of 100,000 - 150,000 VND/ton.The reason for the increase in domestic steel prices comes from the increase in input costs (iron ore, electricity, steel scrap,...) along with a clear increase in world steel prices. Hot rolled steel prices in the US and EU from the beginning of October 2023 have increased by 1,146 USD/ton and 727 USD/ton, respectively. World construction steel prices also increased dramatically in early November 2023 when they surpassed 3,800 CNY/ton.Global steel prices increased mainly due to limited steel supply and prolonged delivery times due to the impact of military and political conflicts. At the same time, a series of steel furnaces in the EU temporarily stopped operating for maintenance while steel demand is still increasing. In addition, the Chinese government also promotes recovery of the real estate market, boosting demand for steel in the near future.

In November 2023, both production and consumption in Vietnam's steel industry experienced growth. Specifically, nationwide steel sales reached over 2.5 million tons, marking a 30% increase compared to the same period last year and reaching the highest level since the beginning of the year. Meanwhile, finished steel production reached 2.4 million tons, reflecting a 34.4% increase compared to the same period.The Vietnam Steel Association (VSA) reported an improvement in the consumption of finished steel in the domestic market in November compared to the previous month and the same period last year for most steel manufacturing and trading enterprises. In particular, sales of various steel types reached over 2.5 million tons, up 13% from the previous month and 30% compared to the same period in 2022. The growth in steel consumption has been consistent over several months, signaling a recovery for the steel industry. Meanwhile, the production of finished steel during this period amounted to 2.4 million tons, up 3% from October and 34.4% compared to the same period last year.In the first 11 months of the year, the steel industry produced 25 million tons of finished steel, down by 7.8% compared to the same period last year. Steel consumption reached 23.7 million tons, declining by 5.6% compared to the sales volume in the first 11 months of 2022. Specifically, steel exports during this period amounted to 7.4 million tons, marking a 29% increase compared to the same period.Hoa Phat, a leading enterprise in the steel industry, observed its highest sales volume since the beginning of the year. Specifically, sales of construction steel, hot-rolled coil (HRC) and steel billets reached 709,000 tons, marking a 12% increase from October. Notably, sales of high-quality construction steel by Hoa Phat during this period reached 410,000 tons, indicating a 21% surge compared to the same period last year.The company's representative stated that the domestic steel industry is on the rise due to the beginning of the construction season and is partly driven by policies encouraging the disbursement of public investment capital. According to the assessment by VSA, the sales volume of construction steel has increased, partly due to infrastructure projects such as the North-South expressway and the ongoing development of new airports, which have accelerated progress alongside several other projects.The steel industry has experienced significant price fluctuations in recent months, with steel companies continuously adjusting prices upward from November onwards. According to VSA, the consistent price hikes in steel are primarily due to the rising costs of raw materials used in steel production such as coal, iron ore, scrap steel and hot-rolled coils, showing no signs of slowing down.The selling prices of finished steel have been increasing at a slower pace compared to the rising costs of raw materials. This is one of the difficulties that the steel industry is facing.In the upcoming period, the price of this commodity is forecast to continue rising due to a narrow supply of iron ore, while construction demand is expected to increase. This will be an opportunity for the steel industry and steel stocks in 2024.

On December 4th, the member fund KITMC Worldwide Vietnam RSP Balanced Fund under Kim Vietnam Fund Management purchased 1 million shares of Nam Kim Steel Joint Stock Company. As a result, the fund group's ownership increased to 13.7 million shares, equivalent to 5.2% of the capital, becoming a major shareholder of NKG, accounting for 1.52% of the capital.The transaction took place on December 4th and based on the closing price of December 4th, the share volume is valued at around 24 billion VND. As of now, Nam Kim Steel has four major shareholders: Chairman of the Board, Mr. Ho Minh Quang (14.2% of capital), Unicoh Specialty Chemicals (5.03% of capital), SMC Trading Investment Joint Stock Company (5% of capital), and the Kim Vietnam Fund Management group.According to information from DSC Securities, Nam Kim Steel has planned to expand into a higher-grade galvanized steel segment through its new project, the Nam Kim Phu My plant in the My Xuan B1-Dai Duong Industrial Zone (Ba Ria-Vung Tau). This plant is expected to have an annual capacity of 1.2 million tons and a total investment capital of 4,500 billion VND.At present, Nam Kim Steel operates three plants with a combined designed capacity of 1 million tons per year, specializing in producing cold-rolled steel, color-coated steel, galvanized steel and steel pipes. Upon completion of the new plant, the overall capacity of the entire system will more than double to reach 2.2 million tons per year.The construction of the new plant will commence in 2024 and span across three phases (each producing 400,000 tons) until the end of 2026. The new product will be galvanized steel used in household electrical appliances, requiring higher manufacturing technology than Nam Kim Steel鈥檚 current galvanized steel products, primarily used in construction.DSC believes this project will contribute to enhancing Nam Kim's competitiveness and revenue in the future by leveraging the advantage of low steel production costs domestically, thereby stabilizing profit margins.According to the business operations, Nam Kim Steel reported a revenue of 4,262.06 billion VND, a decrease of 3.7% compared to the same period. However, the after-tax profit recorded a gain of 23.66 billion VND compared to a loss of 418.69 billion VND in the same period, marking an increase of 442.35 billion VND. Notably, the gross profit margin shifted from a negative 3.6% to a positive 4.8%.Over the first nine months of 2023, Nam Kim Steel recorded a revenue of 14,136.76 billion VND, marking a 24.7% decrease compared to the same period, while the after-tax profit amounted to 109.74 billion VND, showing a 62.1% decrease from the corresponding period.It's known that in 2023, Nam Kim Steel set its business plan with a total revenue target of 20,000 billion VND, a 13.5% increase compared to the same period, and an estimated pre-tax profit of 400 billion VND compared to a loss of 106.91 billion VND in the same period, amounting to an additional 506.91 billion VND. Therefore, by the end of the first nine months of 2023, with a pre-tax profit of 146.97 billion VND, Nam Kim Steel had achieved 36.7% of the annual profit plan.

China's iron ore imports in November 2023 reached 102.74 million tons, up 3.37% over the previous month. Import volume in the first 11 months of 2023 increased by 6.2% over the same period. China's steel exports in November 2023 increased by 43.29% over the same period, steel imports in November decreased by 18.13% over the same period in 2022.According to Customs data, China's iron ore imports in November rose 3.94% year-on-year as steel mills' profit margins improved and the recovery of the CNY, which encouraged the purchase of steel production raw materials.As the world's largest consumer of iron ore, China imported 102.74 million tons of iron ore in November compared to 99.39 million tons in October 2023. November's imports maintained a high level for the fourth consecutive month and marked the fifth instance of surpassing 100 million tons in 2023.Mysteel鈥檚 data showed that iron ore inventories at surveyed mills increased 3.5%, reaching 93.02 million tons at the end of November. The Chinese yuan (CNY) appreciated 2.5% against the US dollar in November 2023.Customs data also revealed that China's iron ore imports in the first 11 months of 2023 increased 6.2% to a record high of 1.08 billion tons. Jiangsu Fushi Data Research Institute predicted that iron ore imports in December may remain at roughly the same level as last month as factories need supplies to meet production requirements during the New Year holiday in early January 2024. Buyers will settle their shipments via sea freight before the end of the year amid rising CNY, which means volumes this month will not be small.Regarding steel product exports, China recorded 8.01 million tons in November, up 43.3% over the previous year and 0.88% over October 2023. Besides, China imported 614,000 tons of steel products last month, down 18% compared to November 20233. The total imports for the first 11 months of 2023 stood at 6.98 million tons, down 29.2% compared to a year earlier.Where to contact reputable Vietnamese steel importers?AG真人游戏 Steel provides solutions for importing Vietnamese steel to many countries around the world. We have more than 12 years of experience in the field of sourcing and purchasing support for importers from the US, Europe, Australia, ASEAN,... helping customers connect with Vietnam's largest steel manufacturers at competitive prices.Currently, thanks to favorable trade policies and tariffs in import and export, Vietnam has become the main import market for many countries around the world.With the 13th largest crude steel output worldwide and increasingly invested and improved production technology, Vietnamese steel has a leading position in the international market. Therefore, customers are completely assured about product quality and international standards when choosing Vietnamese steel.For any need to learn about the market or steel products from Vietnam, customers can contact AG真人游戏 Steel via Whatsapp: +84 76 911 2358 or Email [email protected] for the most detailed advice.

According to Euroactiv, the Czech Republic recently requested the European Union to exempt Russia from import sanctions because the country couldn鈥檛 find alternative steel sources of supply. Prolonged shortages could cause severe damage to the manufacturing industries in the Czech Republic.1. The Czech Republic's industry heavily affected by the lack of Russian steel supplyThe EU imposed a ban on importing Russian iron and steel from March 2022 in response to the conflict between Russia and Ukraine. Accordingly, the European Commission (EC) directly targets Russian steel manufacturers by removing the protection mechanism for steel products imported into the region.Currently, the Czech Republic mainly imports heavy steel plates from Russia's Novolipetsk metallurgical mill until the contract expires at the end of 2024. The total steel consumption in the Czech Republic is estimated at around 500,000 tons per year, distributed to important industries such as construction and automobile manufacturing.Jozef Sikela, the Minister of the Czech Ministry of Industry and Trade, stated to the press 鈥淚n the current situation of the construction industry, such as the construction of bridges, we cannot do without steel鈥�. The Czech government has sent a request to the European council to exempt the ban on importing heavy sheet steel from Russia.Despite efforts to find alternative solutions for steel supply apart from Russia, they haven't found suitable partners yet. Currently, there are only a few heavy steel plate manufacturers in the world. The government of this country also contacted a number of Chinese factories but was unsatisfied with their product quality and supply capacity.According to the Czech Ministry of Commerce, the government is looking to ask the EU for an exemption from the ban on Russian steel import until 2028. Besides the Czech Republic, countries such as Italy and Belgium are also pushing the EU to lift restrictions on Russia's steel supply.Recently, the EU has tightened restrictions on importing iron and steel products from Russia by requiring importers to prove that their raw materials don't originate from Russia.Facing European sanctions, not only iron and steel but also products such as coal and crude oil are also significantly affected. This forces Russia to boost steel exports to other markets like T眉rkiye or other countries in Asia by competing on price with China.2. Solution to import Vietnamese steel to replace supply from RussiaCurrently, Vietnam is in the top 13 countries with the largest crude steel output globally, so it is fully capable of exporting large volumes with 100% Vietnamese input materials. In particular, Vietnam's largest steel corporations such as Hoa Phat, Formosa, Nam Kim,... can meet customers' steel standards and technical requirements.According to statistics from the General Department of Customs, as of October 2023, Italy is Vietnam's largest steel import market with 1.35 million tons, an increase of 128%. In addition, the rate of steel exports to the EU market also grew positively over the same period in 2022. According to the European Steel Association (EUROFER), Vietnam accounted for 8.1% of the total amount of finished steel products imported into Europe by the end of August 2023. Another positive signal for Vietnam's steel industry is that the proportion of Europe importing finished steel products from Turkey, China and India decreased while imports from Vietnam increased by 15%.The above data has proven that Vietnam is one of the heavy steel plate import markets that the Czech Republic can consider. In the context of the prolonged conflict between Russia and Ukraine and EU sanctions showing no signs of lifting, proactively finding new sources of supply to stabilize production is urgent. Vietnam has advantages in quality, price, trade defense measures, political relations,... helping Czech importers benefit better than other markets.Above is the latest information about the steel import situation of the Czech Republic in particular and the EU in general. If you need to learn about the market, products and import of Vietnamese steel, please contact AG真人游戏 Steel via Email [email protected] for the most thoughtful support.