According to the Ministry of Industry and Trade, this anticipated recovery, however, is fraught with uncertainty, as the domestic market grapples with oversupply, surging imports, and global market instability.
The domestic steel market is currently inundated with various steel products, while imported steel continues to flood in, intensifying price competition for local producers. Soaring international shipping costs and global market volatility further exacerbate the challenges faced by steel industry enterprises.
Despite these headwinds, experts in the industry still see positive market signals, such as the typical year-end recovery driven by the construction season. Moreover, the ministry’s recent decision to investigate and potentially impose anti-dumping measures on certain imported steel products, could foster fairer competition in the coming years.
In the past seven months, finished steel production reached nearly 17 million tons, up 9.4% year on year./.
