Vietnamplus

While steel prices have continued to fall and demand remains low, the steel industry is expected to recover at the end of this year.

Although the demand for building steel rose by more than 26% in May compared to the previous month, steel prices decreased for the 10th month, and steelmakers expected the struggle to continue.

Lower steel prices and public investment disbursement are expected to provide growth momentum for the construction industry over the second half of 2022.

Several key construction materials have seen a sharp price hike during the first three months of 2022, putting significant pressure on property prices, according to the Vietnam Association of Construction Contractors (VACC).

After increasing inventories at the beginning of 2021 to take advantage of price differences to maximise profits, the strategy has now hit steel producers hard as global steel prices plunged at the end of the year.

Steel prices have hit a new high after a series of rapid increases from May through June 2021 when they increased by more than 50 percent compared to the beginning of the year.

Steel producers continued to post great results in the second quarter of this year, supported by high steel prices.

The Ministry of Industry and Trade (MoIT) has denied rumours that it proposed the establishment of a State stabilisation fund to cope with the sudden increase in steel prices that has impacted many businesses.

The Hoa Phat Group has announced that it had received approval from Australia’s Foreign Investment Review Board to purchase an iron ore mine in the country.

Soaring raw material prices coupled with delays in shipping due to the COVID-19 pandemic significantly pushed up steel prices recently, according to the Ministry of Industry and Trade.

Local construction firms face the risk of bankruptcy as the price of steel has soared 40 percent recently.

Construction steel sales are predicted to recover in the remaining months of 2020 after a fall in the January-August period due to impacts from the COVID-19 pandemic, according to the Vietnam Steel Association (VSA).

Vietnam’s steel market is forecast to be in good shape during this year’s first quarter despite high prices, said the Vietnam Steel Association (VSA).

There is not enough ground to say that the Government of Vietnam intervenes in the domestic prices of the carbon steel welded pipe industry, according to the final determination by the Canada Border Services Agency (CBSA).

The southern province of Ba Ria-Vung Tau will strive for a growth of 9.11 percent in industrial production in 2019, according to the provincial People’s Committee.

Domestic steel production exceeded 17 million tonnes in the first ten months of this year, growing 22.8 percent year on year, according to the Vietnam Steel Association (VSA).

Steel prices will remain stable on the domestic market this month but are expected to increase slightly soon, according to the Ministry of Industry and Trade.

Domestic steel prices are expected to rise in the near future, thanks to increasing construction demand, the real estate market’s recovery and high consumption.

Consumers and firms that use steel for their production are worried about steel price hikes in the local market.

Several steel products saw a surge in productivity in May. The bar and angle steel products showed the highest increase of 22.5 percent, following by rolled steel with 21 percent.