Indonesian Trade Minister Budi Santoso on January 15 sent off export consignments of welded beam steel, measuring 1,200 metric tonnes and valued at 1.5 million USD, to New Zealand, reported the country’s national news agency Antara.
Vietnam spent 10.48 billion USD to import nearly 15 million tonnes of steel in the first 10 months of this year, an additional concern of the domestic industry which is struggling to compete with the flood of cheap steel.
Facing the threat from Chinese steel and the tension of protectionism globally with the possibility of further escalation, whether the 'picture' of the Vietnamese steel industry will be brighter or not in the times ahead continues to form a question mark.
The US Department of Commerce (DOC) on September 25 officially launched anti-dumping and countervailing duty investigations on corrosion-resistant steel (CORE) imported from Vietnam.
Vietnam plans to develop green and energy-saving steel products and increase the market share of domestically produced steel to gradually replace imported products.
The steel industry has affirmed its position by reaching the Top 12 in the world in terms of crude steel production. Not only is the production output growing rapidly, but Vietnamese steel products are also gradually becoming more diverse, according to the Vietnam Steel Association.
Vietnam’s leading steelmaker Hoa Phat Group posted an after-tax profit of 2.97 trillion VND in the fourth quarter of 2023, up 249% compared to the same period of 2022 and 48% quarter-on-quarter.
Chairman of the Indonesian Iron and Steel Industry Association (IISIA) Purwono Widodo on November 7 said that the Southeast Asian country’s steel demand surges in 2023 due to the construction of major national projects.
Despite sluggish performance driven by a fall in steel prices, experts are optimistic about the steel industry’s recovery in 2024 as the Government's policies and the revised Land Law are put in place to support the realty market and the construction industry.
The leading steel manufacturer Hoa Phat Group sold nearly 558,000 tonnes of steel in August, of which the volume of construction steel hit 306,000 tonnes, up 18% month-on-month and the highest since the beginning of this year.
Posco Yamato Vina Steel Joint Stock Company has become the first steel maker in Vietnam officially granted the international EPD (Environmental Product Declaration) certificate.
The US Department of Commerce (DOC) has issued its final determination that certain imported products from Vietnam do not evade the anti-dumping and countervailing duties that the US is applying to similar items from Taiwan due to the fact that these products do not use hot-rolled steel (HRS) sourced from Taiwan (China), announced the Trade Remedies Authority of Vietnam.
The price of construction steel is on the rise despite the fact that the demand for this type of construction material remains weak, insiders have said.
In the early days of this year, Hoa Phat Group secured many orders to export its steel products to the US, Canada, Mexico, Puerto Rico, Australia, Malaysia, Hong Kong (China), and Cambodia.
The local steel market continued to be gloomy, with reductions seen in both production and consumption in the past 11 months, a report published by the Vietnam Steel Association (VSA) this week revealed.
Most steel companies recorded gloomy business results in the third quarter of 2022, according to a recent report on the construction and building materials industry by VNDirect Securities Corporation.
The official visit to Vietnam by President of the Republic of Uganda Yoweri Kaguta Museveni, from November 23-25, is expected to open up cooperation opportunities between the two countries in the time ahead.
Thai steel manufacturers are planning to increase their domestic prices following a rise in operational costs, from raw material prices and electricity bills to the higher daily minimum wage, the Bangkok Post reported.
The manufacturing sector is a driving force behind economic growth, but manufacturers are still outcompeted by foreign rivals when it comes to core technologies, according to insiders.
