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Recently, the international shipping situation has encountered many major fluctuations due to crises in the Red Sea and trade tensions between the US and China. These attacks have severely impacted international shipping, particularly in key routes connecting the Indian Ocean to the Suez Canal and the Mediterranean Sea. Additionally, China's accelerated export efforts to the US ahead of new tariffs have exacerbated the demand for empty containers, further driving up global shipping costs.Global shipping is under siege as crises in the Red Sea and trade tensions between the US and China send costs soaringImpact of rising container shipping costs due to red sea instabilitySince mid-November 2023, the Houthi group's have attacked on commercial vessels in the Red Sea, especially those they believed were linked to Israel. However, the reality is that they attack without distinction any ships passing through the area. Major shipping lines, such as Maersk, have had to reroute their ships via the Cape of Good Hope, significantly increasing travel time and fuel costs. For instance, the journey from Singapore to Rotterdam now takes approximately 36 days via South Africa, compared to 26 days through the Suez Canal.This diversion adds about 10-15 days to each trip and causes fuel costs to increase significantly. Shipping companies have had to increase freight rates to cover costs, resulting in freight rates from China to Europe rising to $7,000 per 40-foot container, five times higher than pre-COVID-19 levels. Freight rates from Asia to Northern Europe increased to more than 4,000 USD/40-foot container and 5,175 USD to the Mediterranean. For routes from Asia to the US, with rates reaching up to 3,900 USD/container to the East Coast and more than 2,700 USD/container to the West Coast.Houthi attacks in the Red Sea force shipping reroutes, skyrocketing freight rates to unprecedented levelsThese disruptions not only affect the shipping industry but also risk causing global inflation as businesses adjust their prices to account for higher transportation costs. The attacks have also increased insurance costs for ships passing through the Red Sea by 10 times compared to before, adding further financial strain on shipping companies and consumers.Impact on Vietnamese steel exportsThe attacks have reduced the flow of steel and aluminum to Europe via the Suez Canal by about 775,000 tons per month, impacting the global steel supply chain and increasing transportation costs. Rerouting through the Cape of Good Hope adds 10-15 days to shipping times and transportation costs from Vietnam to European ports have nearly tripled, from under $2,000 per 40-foot container in December 2023 to over $5,000 in January 2024.Houthi attacks choke steel flow to Europe, tripling Vietnam-to-Europe shipping costsVietnamese advantage in steel exports amid rising shipping costsFaced with escalating tensions, many countries such as the US and EU countries have deployed military operations to protect commercial ships and maintain maritime security in this area. However, this deployment cannot completely prevent attacks and experts say the situation could continue for a long time without a lasting political solution in Yemen.Despite these challenges, Vietnam's steel exports maintain a competitive edge due to several factors. Firstly, Vietnam's strategic location in Southeast Asia provides proximity to major international shipping routes, reducing shipping time and costs to major markets like Asia, Europe, and the Americas.Amid escalating tensions, Vietnamese strategic location keeps steel exports competitive despite global shipping disruptionsSecondly, Vietnam boasts a well-developed logistics system, featuring major ports such as Hai Phong, Cat Lai, and Da Nang, offering diverse transportation services including container and bulk shipping. Additionally, the abundance of empty containers in Vietnam helps minimize waiting times and rental costs, optimizing export-import processes. These factors enable customers importing steel from Vietnam to benefit from lower shipping costs and more efficient services compared to other countries with limited container availability.The shipping crisis in the Red Sea and trade tensions between the US and China have increased shipping costs and disrupted global supply chains. However, customers importing Vietnamese still have advantages thanks to its favorable geographical location, developed logistics system and abundant empty containers. These strengths help reduce costs and shipping times, enhancing the competitiveness of Vietnamese steel in the global market, especially during these volatile times. Follow AG真人游戏 Steel to get the latest updates on the Vietnamese and global steel industry!

Carbon steel is steel made of iron and carbon with some other ingredients such as manganese, silicon, phosphorus,... Let's delve deeper into the characteristics, applications, and important aspects of this type of steel with AG真人游戏 Steel.Carbon steel is among the top 4 most popular types of steel, used in many fields such as industry, manufacturing, civil use,... because of its flexibility and hardness.The more carbon in the steel, the higher the hardness and durability of the steel, in which carbon steel components can contain up to 2.1 wt.% carbon. The relatively low production cost of carbon steel makes it more preferred over other types of steel. Below, AG真人游戏 Steel will explore with you the pros and corn, production methods and applications of carbon steel.Carbon steel is steel made of carbon along with other elementsWhat are the different types of carbon steel?Carbon steel is categorized into three types based on its carbon content:Low carbon steelLow carbon steel has a carbon ratio of 0.04 - 0.25% or 0.29% with small amounts of other elements. Therefore, steel has low hardness and durability, so it is also called mild steel. However, they exhibit good ductility and can be easily shaped by pressing or bending, even when cold-formed.Medium carbon steelMedium carbon steels with average carbon content (0.25 - 0.5%), providing good corrosion resistance and high durability. Medium carbon steel has good heat treatment and cutting performance but poor welding performance, requiring preheating in welding. This type of steel is mainly used in high-strength moving parts such as air compressors, pump pistons, turbine blades, gears, crankshafts, rollers,...High carbon steelThanks to the carbon content of 0.6 - 2%, high carbon steel has good bearing capacity and high durability. The hardness of this steel can be up to 60 - 65 HRC according to Rockwell C. High carbon steel is mainly used in the production of springs, wear parts and high-hardness tools.Each type of carbon steel exhibits unique properties and applicationsWhat is carbon steel made ofCarbon steel is primarily made up of iron and carbon, combined with a number of other ingredients such as manganese, silicon, phosphorus,... In which, the carbon content determines the mechanical properties and durability of the steel. If the amount of carbon is low, the plasticity is high, convenient for shaping, bending and vice versa. However, the hardness and brittleness of the product depends on the metallurgy and heat treatment process. The carbon ratio can range from 0.02 - 2.1% depending on the amount of steel but the common ratio is 0.1 - 0.3%.Pros and cons of carbon steelAdvantagesEach carbon steel type has unique mechanical properties when undergoing metallurgy and heat treatment. Manufacturers can adjust technical parameters to create outstanding advantages for carbon steels as follows:High durability and hardness: High carbon content enhances the steel's bearing capacity and resists environmental impacts.Corrosion resistance: Carbon steel has extremely good corrosion resistance, so it is often used in the chemical, petroleum and marine industries.Good bending and melting ability: The amount of carbon can be easily customized to help the steel have flexibility for shaping, which is crucial in manufacturing and construction processes.DisadvantagesCarbon steel still have some disadvantages such as:Easy to rust: Manufacturers often add about 10-12% chromium to the composition, which acts as a moisture-proof layer to help limit rust when exposed to the environment.Poor aesthetics: Carbon steel lacks the smooth, shiny surface like stainless steel. Therefore, they are often applied to products that do not require high aesthetics such as pipes, machinery, spare parts,...Carbon steel strength helps it be applied in many areas of lifeHow is carbon steel madeCarbon steel can be produced from iron ore, scrap steel or a combination of both without losing its properties and strength. By heating iron ore and coke in the absence of air at a temperature of about 1650 degrees Celsius, the molten iron is enriched in carbon from the burning coke. The remaining impurities combine with lime to form slag, which floats on the metal surface to be removed. The product initially contains approximately 4% carbon, which is then decarbonized to reduce it to the desired level. Decarbonization occurs by passing oxygen through the melt forming monoxide and carbon dioxide.Applications of carbon steelsPossessing many outstanding properties, carbon steel is a material widely used in many different industries, typically:Road and bridge construction: Carbon steel has good corrosion resistance and high durability, suitable for building infrastructure such as roads, bridges, buildings, tunnels,...Automobile industry: Carbon steel is an ideal material for car parts such as vehicle frames, wings, hoods, exhaust pipes,... because of its high hardness, lightness and durable structure that helps reduce weight and increase space efficiency for vehicles.Aerospace industry: With its lightweight properties and outstanding mechanical strength, carbon steel is used in the production of aircraft components, spacecraft bodies and rockets.Oil and gas industry: Carbon steels are used to produce equipment and oil pipes thanks to its good bearing capacity. This will ensure the safety and performance of pipeline systems under the harsh conditions of the oil and gas industry.Manufacturing and machinery industry: Carbon steel has ductility and flexible shaping, so it is suitable for processing and producing machine parts such as shafts, bearings, gears,...Carbon steel's resilience makes it ideal for infrastructure, vehicles, and machineryImport the best quality Vietnamese carbon steel at AG真人游戏 SteelAccording to Worldsteel, Vietnam ranked 12th in the world in crude steel output with 19 million tons in 2023 and belongs to the group of steel exporting countries with a turnover of over 10 billion USD. Vietnam is increasingly enhancing its position in the steel export sector. This has opened up many opportunities for steel importers to have more quality supply at good prices.Although Vietnam always creates conditions to promote international trade exchange, many complex policies, regulations and procedures can make it difficult for importers. AG真人游戏 Steel is a unit sourcing and supporting the import of Vietnamese steel to the United States, Australia, Mexico, Europe, Belgium, Malaysia, Indonesia,...The network connecting the largest steel manufacturers in Vietnam, understanding the customs clearance process and handling incidents, problems,... are advantages that help AG真人游戏 Steel satisfy 100% of customers throughout 12 years of operation. We always strive to bring satisfaction to importers through optimizing purchasing costs, time and effort.Carbon steel are an important material with high applicability in life. Therefore, choosing the correct type of steel suitable for the project greatly contributes to the effectiveness of the project. If you have any questions or need to import reputable Vietnamese carbon steel, please contact AG真人游戏 Steel for the best support!

As a country with a developed steel industry providing more than 50% of global steel output, however, China is now massively exporting steel, causing concerns about global oversupply. The main reason comes from the weakening of the real estate market, which causes the country's domestic consumption to decline. Join AG真人游戏 Steel to learn more through the article below!China's steel industry boosts exportsAccording to a report by the National Bureau of Statistics, in the first 2 months of 2024, China exported nearly 16 million tons of steel, an increase of 32.6% over the same period last year. This is also considered the highest steel export level of the Chinese steel industry from 2016 until now.According to Nikkei Asia, China's steel exports this year will equal or exceed last year's level, as China is on track to export about 90 million tons of steel and closer to 110 million tons in 2015, when it will witness an increase in anti-dumping measures around the world. This shows that the Chinese government is gradually stimulating the country's economic recovery.China just reported its highest steel export figures in eight yearsCurrently, China provides about 55% of the world's steel output. Therefore, even a small increase in exports can lead to downward pressure on prices in world markets. Therefore, the Chinese steel industry's promotion of exports has affected the steel industries of other countries, especially Southeast Asian countries, which are China's main export markets. In September 2023, the country's steel exports to Thailand increased by about 60% year-on-year, with exports to Malaysia increasing by about 80%. The amount of steel exported to Indonesia doubled and to Vietnam more than quadrupled.Pressure for Vietnam's steel industryA large amount of imported steel from China continuously floods the Vietnamese market, causing great pressure on the domestic steel industry. In just the first 2 months of 2024, the amount of steel imported from China reached 1.8 million tons, of which Vietnam's HRC alone imported from China reached 1.4 million tons, accounting for 74.2% of the total amount of HRC imported in the first 2 months of 2024.The reality of China's steel imports increasing sharply in the context of Vietnam enjoying an import and export tax of 0%. Trade defense measures have been lifted; other steel products, such as galvanized steel sheets, color steel sheets, steel pipes, prestressed steel,... are not subject to any trade defense measures. Facing pressure from imported steel, since 2023, the Vietnam Steel Association has made recommendations to the government to strictly control the import of steel products into the Vietnamese market.Chinese steel exports a lot, causing pressure on Vietnamese steelAs China increases steel exports, the country is turning to high-value-added products, putting pressure on domestic steel producers such as Hoa Phat, Hoa Sen, Ton Dong A,... Once again, Vietnam's steel industry faces a big challenge when it has to compete with cheap steel sources from China. This raises a warning bell for Vietnam's steel industry to have appropriate policies to ensure its development. development of domestic steel enterprises.Above is the information that AG真人游戏 Steel sends to you about the problem of the world steel industry having excess supply because the leading country in steel production, China, is promoting exports. With China promoting exports, it not only affects Vietnam's steel industry but also the steel industry of other countries.

According to the World Steel Association (WorldSteel), in 2023, global crude steel production reached 1,888 million tons, with Vietnam contributing 19 million tons to this figure. Despite a 5% decrease in crude steel production compared to 2022, Vietnam's notable achievement is an upward shift in its ranking, reaching 12th place globally among the 71 countries listed.Vietnam's crude steel production decreased by 5% but climbed one position in the rankingsIn 2023, Vietnam achieved a notable milestone as its crude steel production surpassed that of Taiwan, securing the 12th position in the global rankings. This highlights a positive outlook for steel demand in Vietnam, despite the ongoing incomplete recovery of the domestic real estate market. Additionally, leveraging political advantages, countries in the Middle East view Vietnam as a promising destination for steel imports. Experts emphasize that Vietnam's steel export volume in 2023 also benefited partly from the weakened export activities of competing nations such as China, India, and Turkey, creating opportunities to boost production capacity in the country.Vietnam ranks among the top 12 countries with the highest global crude steel production in 2023Predictions for 2024 anticipate a positive recovery in both demand and steel prices in Vietnam, with raw material prices forecasted to significantly decrease. This is expected to lead to a substantial increase in the Vietanm steel industry's profit margins. The primary driving force for domestic steel consumption comes from the expected strong recovery in the civil construction sector, while the industrial and infrastructure construction segments are projected to sustain growth throughout 2023.Regarding the export sector, the World Steel Association notes that the growth in infrastructure construction activities in the ASEAN, U.S., and EU markets, coupled with the benefits from bilateral agreements, will boost Vietnam's steel export activities this year. Therefore, it is expected that Vietnam's crude steel production in 2024 will experience a more robust increase compared to the current year, driven by both domestic and international market dynamics.China and India are the two largest steel producers globallyChina has once again maintained its position as the leading country in the global steel industry. In the past year, 2023, the country produced a staggering 1,019 million tons, sustaining its production at a stable level after two consecutive years of decline. According to analysts from S&P Global Commodity Insights, China's steel production is anticipated to decrease by 0.5% in 2024 as domestic plants seek solutions to address excess supply issues along with weak profit margins. This outcome is expected to lead to another prediction that China's iron ore imports will decline due to the slowing down of steel production.The statistical chart of raw steel-producing nations for the current year also reveals a remarkable surge in India's production, driven by robust domestic demand and infrastructure projects supported by the government's ongoing initiatives. In 2023, India recorded a noteworthy growth, with a production increase of 11.8% compared to the previous year, reaching an impressive 140.2 million tons. Notably, amidst the global decline in steel demand, India continues to maintain its position as one of the countries with the highest growth rates in crude steel production and stands out as one of the few nations showing positive growth trends.The monthly crude steel production figures for China and the world in 2023Crude steel production in Europe decline from weak demandOverall, crude steel production in Europe is reported to have decreased by 6.7% in 2023 compared to 2022. Among the 71 countries listed, the majority of nations in the European region witnessed negative growth. Specifically, Germany, recording its lowest crude steel production since 2009 with around 35.4 million tons in 2023, marked a 3.9% decrease from the previous year. Similarly, the second-largest steel producer in Europe, Italy, also exhibited a 2.5% reduction in production to 21.06 million tons.The simultaneous decline in steel production can be attributed to low consumption demand and high energy prices, presenting challenges for factories in the region. The steel industry in Europe is grappling with high production costs due to increased energy prices since the conflict between Russia and Ukraine, alongside an influx of cheaper imported products that impose limitations on local steel manufacturers.The production downturn is not limited to domestic output; steel exports to the EU also witnessed a 5.57% reduction in 2023 compared to the same period. However, the growth rate of steel exports to new markets, including Western Asia and Central Asia, experienced a substantial increase. The persistence of inflationary cycles and the strong impact of trade protectionism are considered the primary impediments to steel exports from other countries to this region. 

With positive developments in consumption output in the final months of 2023, the Vietnam Steel Association (VSA) recently forecasted that the steel industry this year may increase by 10%, driven by expectations of global steel demand recovery.The steel industry and the positive signalsThe strong recovery of the steel industry this year is established against the backdrop of negative impacts from macroeconomic conditions and the 'freeze' of the real estate market in 2023. In the upcoming year, the steel industry is forecasted to experience significant growth, leading to the recovery of profits for businesses within the sector.As we step into 2024, the internal economy displays indications of recovery, bolstered by governmental and sector-specific policies that encourage public investment. It is anticipated that the steel industry in 2024 will witness a growth of 6.4%, reaching nearly 21.6 million tons. Not only in the domestic market, but the volume of Vietnam's steel exports is expected to sustain growth due to the increasing global demand for steel. Accordingly, the export of finished steel and semi-finished products is projected to rise by 12%, reaching nearly 13 million tons. This target is set based on the expectation that Vietnam's GDP will grow by 6鈥�6.5% this year. The increased consumption of the steel industry is largely attributed to the signs of recovery in the real estate market in the fourth quarter of 2023 and real estate projects are expected to boost sales in 2024.The steel industry relies on the market's recoveryAt present, the economy has recorded some bright spots regarding policies to remove difficulties, promote public investment and stimulate economic growth issued by the government and various ministries. Accordingly, the Vietnam Steel Association (VSA) also forecasts that the prospects for Vietnam's steel production may increase by about 10% in 2024 and 8% in 2025 as the demand for steel from domestic economic sectors recovers.The forecast for the production of finished steel in the period 2024鈥�2025 is expected to reach approximately 28鈥�30 million tons, with domestic steel consumption ranging from 21-22.5 million tons. The primary drivers for steel consumption stem from the gradual recovery of the real estate market. The government and various ministries are actively investing in and developing infrastructure and implementing public projects. This concerted effort is poised to revitalize the domestic steel industry, leading to a surge in profits for steel manufacturers after a prolonged period of losses and inventory challenges. Although actual steel consumption by end consumers has not fully recovered as anticipated, the price surge at the beginning of 2024 was predicted by steel industry experts since the end of 2023, when production material costs continuously increased for several weeks. With the momentum of the recovery, steel prices are forecast to continue rising before the Lunar New Year, possibly surpassing the 15 million VND per ton mark.Therefore, all enterprises in the steel industry expect the government, as well as relevant ministries and departments, to implement stronger policies to support the real estate market and promote the development of the steel market in 2024.

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. 

A new crisis is brewing in the Red Sea, one of the world's vital trade routes, with the potential to disrupt supply chains and drive up oil prices and inflation. This comes at a time when economic growth is slowing down.Red Sea - Important Maritime TransportationAs one of the crucial maritime routes, it accounts for approximately 15% of global maritime transportation volume. The Red Sea shows no signs of easing tensions, especially as recent Houthi warnings indicate a potential expansion of their targets in the region if the United States launches a campaign against their forces.The mentioned developments come shortly after Washington announced the formation of a coalition comprising various countries, including the United Kingdom, France, Italy, Spain,... to address Houthi attacks on shipping in the Red Sea. Simultaneously, this coalition has deployed military assets to counter missile and drone attacks.Conflict in the Red Sea and the Risk of an International Transportation CrisisThe Suez Canal is currently the shortest maritime route connecting Asia and Europe, accounting for approximately 15% of global maritime traffic. The conflict in the Red Sea has a significant impact on the global transportation and trade situation. This route is closely linked to the Suez Canal, meaning that ships avoiding the Red Sea also have to steer clear of the crucial route through the Suez Canal. This canal is one of the seven critical chokepoints for global transportation.The drone and missile attacks by Houthi forces in Yemen on vessels navigating the Red Sea are forcing global shippers to reroute their journeys around the Cape of Good Hope in Southern Africa. This redirection extends the sea travel time by an additional 10鈥�14 days. The harsh weather and frequent rough seas at the Cape of Good Hope and the Mozambique Channel result in faster fuel consumption, leading to increased fuel costs. Additionally, vessels face numerous challenges, including fuel replenishment, cargo restocking, customs issues, overloading and inadequate infrastructure at African ports.These wars are creating a significant risk of disruption to transportation activities through the Suez Canal and the Red Sea, leading to increased shipping costs for various types of vessels, including tankers, container ships, and bulk carriers, thereby indirectly supporting the recovery of oil prices. Additionally, ships passing through the Red Sea are facing significantly higher conflict-risk insurance premiums, with current fees having surged by fivefold. Meanwhile, many transportation experts believe that disruptions in routes may lead to a situation where ships are in the wrong position and containers are misplaced, resulting in port congestion.In the face of the complex developments in the Red Sea and economic risks, the United States, the European Union (EU), the North Atlantic Treaty Organization (NATO) and several countries, including Yemen, have issued a joint statement condemning Houthi interference in maritime rights and freedoms.If the 鈥淩ed Sea crisis鈥� persists for only a short period, consumers may not notice much, except for possibly higher energy prices. However, if the situation prolongs, it not only affects maritime transportation but also poses a risk of uncontrollable inflation impacting the world.

The global steel demand for wind turbines industry is expected to experience a significant surge of 45% over the next decade, driven by the escalating capacity and size of turbines. Specifically, the projected consumption output within the industry is anticipated to rise from 10.5 million tons in 2023 to 15.1 million tons by the year 2032.The trend in the steel demand for wind turbines sector in next decadeSteel has long been the primary material for constructing wind turbines due to its strong structural properties and corrosion resistance. Consequently, with the increasing shift towards renewable energy, the rising global steel consumption in the wind energy industry indicates a clear signal. As of 2023, the steel demand for wind turbines stands at 10.5 million tons and this figure is projected to surge by 45% in 2032 due to the growing capacity and size of turbines.Data on the development of wind turbine sizes is annually documented. According to this information, the average size of onshore and offshore wind turbines in projects recorded from 2019 to 2022 was 2.9MW and 6.2MW, respectively. In 2023, these figures experienced a significant increase, reaching 4.3MW for onshore and 9.2MW for offshore turbines. Notably, in offshore wind turbine projects, industry manufacturers are currently aiming to introduce the next generation of turbines with an average capacity ranging from 15 MW to 20MW, which is double the current average capacity.The steel demand for the offshore segment is believed to be significantly higher than that for onshore, with the steel consumption growth rate for onshore reaching only 32%, whereas for offshore, this figure rises to 101%. Typically, steel constitutes 80% of the composition of a wind turbine. However, offshore turbines require more steel. The reason is that the foundations of offshore wind turbines must be made of steel instead of concrete and cement used onshore because steel provides better corrosion resistance in a marine environment.Predictions for steel consumption scenarios in wind turbine projectsThe production of larger turbines will entail a higher demand for steel. Therefore, the steel consumption in the wind energy industry is anticipated to grow significantly with the following predicted scenarios over the next decade:Small Capacity Turbine ProjectsTurbines classified under the small capacity category typically have a capacity of 2MW for onshore types and 6.2MW for those installed offshore. Among the installed projects, these turbines constitute the largest market share, yet they have the lowest steel consumption. Specifically, the total steel demand for wind turbines over the next 10 years, starting from 2023, is estimated to reach 124.8 million tons. This is equivalent to consuming 107 tons of steel per 1 MW for onshore turbines and 119.5 tons of steel per 1 MW for offshore turbines.Medium Capacity Turbine ProjectsThe assumed scenario for the trend in steel consumption for medium-capacity turbines (3.45-5MW for onshore and 9MW for offshore) over the next decade is expected to reach 128.7 million tons. The projected steel consumption rate per MW is estimated to be 110 tons/MW for onshore and 125.8 tons/MW for offshore.Large Capacity Turbine ProjectsOver the ten-year period from 2023 to 2032, projects involving large-capacity turbines (6 MW-7.2 MW for onshore and 15 MW and above for offshore) are predicted to see rapid development, capturing a significant market share within five years, by the mid-decade. The total steel consumption for these projects is forecasted to reach 130 million tons, with a predicted steel consumption rate of 113 tons/MW for onshore and 132 tons/MW for offshore. With the future deployment strategies of large-capacity wind turbines in the energy sector, the anticipated surge in steel demand is expected to create expanded opportunities for global steel manufacturers. This trend signifies a broader scope of consumption beyond traditional sectors such as construction and automotive. The renewable energy sector, particularly the wind energy industry, continues to be one of the top potential markets for steel consumption, with clear indicators of continuous growth. To gain further insights into the steel applications in wind turbines, please refer to additional articles in our Steel Blog!