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Currently, the European steel industry is confronted with a number of significant challenges and obstacles. The regional economy is also influenced by these factors, in addition to the profits of businesses. In the article below, with AG真人游戏 Steel, we will learn about the difficulties and challenges that the European steel industry is experiencing as well as measures to help Europe overcome this situation.EU steel industry faces a massive import steel situationDifficulties facing the European steel industryThe European steel industry is currently facing a series of major challenges, mainly from external factors. One of the key factors is fierce competition from major steel-producing countries like China, as the country ramps up exports to clear its inventory. The domestic steel industry in this region suffers from the importation of numerous steel products into the European market.In addition, the region's energy prices have increased as a result of Russia's gas cutoff to Europe, and the unstable supply has made it challenging to maintain production. Insufficient energy costs have necessitated the closure of numerous factories in Europe. Furthermore, steel manufacturers are being compelled to invest in new technology as a result of the European Union's stringent environmental policies, which are designed to reduce carbon emissions.These challenges require the European steel industry to find innovative and adaptive solutions to maintain sustainable growth in the future.EU energy prices rise as Russia cuts supplyThe European steel industry faces significant difficulties and challengesThe European steel industry's challenges have a significant impact on the regional and global economies, in addition to the direct effects they have on businesses within the industry.Reduced profits and competitiveness: Large imported steel output causes domestic business to decline. These factors reduce competitiveness compared to imported steel products.Impact on the labor market: Job losses in the steel industry due to production contraction affect the regional economy.Reduce production capacity: Many steel mills in Europe have had to reduce production capacity or close down because they cannot maintain profitable operations.Europe is trying to reduce electricity demand by cutting production or even closing factoriesSolutions to help Europe overcome difficulties and challengesIn order to help the European steel industry overcome obstacles and challenges, it is necessary to implement comprehensive strategies and solutions. The European steel industry may be able to surmount this crisis by implementing the following strategies:Investing in manufacturing technology: Promote the implementation of carbon-neutral steelmaking technologies, including electric arc furnaces. Invest more in green manufacturing processes and renewable energy to mitigate long-term expenses.Interest rate reduction: Faced with difficulties, the European Central Bank (ECB) has cut interest rates to stimulate economic activity. However, many experts argue that additional reductions are necessary to support businesses.Cost optimization: Manufacturers need to optimize production and operating costs to compete with cheap imported steel sources.Use of trade protection measures: We should use trade protection measures to safeguard regional industries and guarantee fair competition in the market. However, these measures could cause trade tensions between China and European countries.These solutions not only assist the European steel industry in overcoming its current challenges, but also establish a strong foundation for future growth.The article on AG真人游戏 Steel has furnished you with information regarding the challenges that the European steel industry is currently encountering, as well as strategies that can assist the region in overcoming this crisis. It is my sincere hope that the aforementioned article has been of assistance to you. Follow AG真人游戏 Steel to receive timely updates regarding the steel market!

By the end of 2023, Vietnamese goods were the subject of many investigations related to trade remedies in major markets such as the Americas, Europe and Asia. In this article, AG真人游戏 Steel will review cases of investigation and application of trade defense against Vietnamese steel in Canada, Mexico, the EU and India.Vietnamese goods were the subject of many investigations trade defense from Canada, Mexico, the EU and IndiaCanadian marketRe-investigate with corrosion-resistant steel sheet (COR)On January 16, 2023, Canada conducted a re-investigation (administrative review) of the normal value and export price for corrosion-resistant steel from Turkey and Vietnam. On July 17, 2023, Canada announced the conclusion of the re-investigation, accordingly, basically keeping the old anti-dumping duty rate unchanged (2.3% - 71.1%) and adding new companies eligible for individual duties.The end-of-term review of anti-dumping and countervailing duties on cold rolled steelOn November 15, 2023, Canada announced the initiation of an end-of-term review of anti-dumping and countervailing duties on cold rolled steel from China, Korea and Vietnam. The case is under investigation and a conclusion is expected before April 12, 2024.Canada initiates review of anti-dumping duties on Vietnamese cold rolled steelMexican marketAnti-dumping investigation on galvanized steelOn August 31, 2021, Mexico initiated an anti-dumping investigation into galvanized steel imported from Vietnam. On September 14, 2022, Mexico issued a preliminary conclusion on the case, accordingly, the dumping margin of Vietnamese galvanized steel exporters ranges from 0% - 12.34%. On February 24, 2023, Mexico issued its final conclusion, accordingly, the dumping margin was reduced to from 0% - 10.84%. Mexico also assesses that there are no special market factors in the Vietnamese steel industry and uses the value provided by Vietnamese enterprises to calculate the margin.Mexico's anti-dumping investigation: Vietnamese galvanized steel exporters face margin reductions.Anti-dumping of cold-rolled steelOn July 28, 2022, Mexico initiated an anti-dumping investigation into cold rolled steel coils imported from Vietnam. On September 14, 2023, Mexico issued a preliminary conclusion, accordingly, based on the allegation of "special market situation" with Vietnamese cold rolled steel industry, Mexico used alternative values to calculate dumping margins of 12.77% - 81.06%. On December 28, 2023, UPCI issued the final conclusion, adjusting the dumping margin to 11.64% - 79.24%.EU marketAnti-dumping and countervailing duty investigations on cold-rolled stainless steel (SSCR)On August 14, 2023, the Ministry of Industry and Trade received information about the EU initiating two investigations on anti-dumping and countervailing duties on cold-rolled stainless steel products from Vietnam, Taiwan and Turkey Most major Vietnamese companies fully cooperated in the investigation. The Ministry of Industry and Trade also coordinated to provide information and data on time according to EU requests. The investigation is ongoing.The EU reviews the application of safeguard measures on certain steel productsOn June 2, 2023, the WTO Safeguards Committee announced that the EU would continue to extend the safeguard measures for another year (effective from July 1, 2023 to June 30, 2024). Vietnam is subject to a quarterly quota shared with other countries for certain steel products exported to the EU. The EU can conduct a review to continue extending the safeguard measure for a maximum of 2 years or terminate the measure.Indian marketAnti-Dumping Investigation on stainless steel welded pipesOn September 30, 2023, the General Department of Trade Defense (DGTR) announced the initiation of an anti-dumping investigation on stainless steel welded pipes imported from Thailand and Vietnam. The investigation is ongoing.DGTR launches anti-dumping probe on stainless steel welded pipes from Thailand and VietnamEnd-of-term review of countervailing duty on Welded Stainless Steel PipesOn September 30, 2023, DGTR announced the initiation of a end-of-term review of countervailing duty orders on welded stainless steel pipes from China and Vietnam. In this case, the Ministry of Industry and Trade coordinated with relevant agencies to submit responses to the Government's questions on time. The review is ongoing.The above information summarizes the trade defense investigations and measures applied to Vietnamese steel in Canada, Mexico, the EU and India. The Vietnamese Ministry of Industry and Trade continues to support businesses in responding to and appealing against trade defense measures to protect preferential tax rates. AG真人游戏 Steel owns a team of leading market research and export experts, helps importers access high-quality steel sources at the best prices. If you have any questions about importing Vietnamese steel, please contact us for the best support.

The European Commission, the executive body of the European Union, will consider requests to extend protection measures for a range of steel imports after receiving requests from the steel industry of EU countries.Specifically, on January 12, the EC received a request from the steel industry of 14 countries out of a total of 27 countries in the EU about domestic steel manufacturers being affected by the impact of the imported steel corrugated iron. This request is intended to determine whether an extension of existing safeguard measures is necessary to protect the steel industry of these countries.Excessive steel imports have caused serious damage to the domestic manufacturers in these countries. Therefore, after consideration, the EC finds that the request has sufficient evidence to support the need for continued safeguard measures to prevent or remedy the serious damage being experienced by the European Union's steel industry. These measures apply to the import of hot-rolled steel sheets, cold-rolled steel sheets, electrotechnical sheets, color-coated steel sheets, stainless steel sheets, tubular products of carbon steel and stainless steel, and wire rod. The tax imposition order was established on February 1, 2019 and lasts until June 30, 2021.However, after a lengthy review investigation, the EC extended the safeguard measures for another three years. The EC warns that if these measures are lifted, the steel industry of European Union countries will face a wave of imports, which will have a very negative impact on the economic performance of these countries. this country. In addition, the request includes examples related to modifications made by Union manufacturers. The Commission considers that the information provided, including the sources and supporting evidence, constitutes a sufficient basis for initiating an investigation.With the European Union expanding measures for importing countries, this is also an opportunity and a challenge for the Vietnamese steel industry. Particularly for the EU market, preliminary data shows that Vietnam's steel exports account for 24.1% of the turnover, reaching 2.2 million tons, a sharp increase of 86.2% over the same period. in 2022. Of which, exports to the Italian market increased by 127.7%, reaching 1,355 million tons; Belgium increased by 30.1%; Spain increased by 70.2%. According to the European Steel Association (EUROFER), Vietnam accounted for 8.1% of total finished steel products imported into Europe in the first 8 months of 2023. Meanwhile, finished steel imports from Turkey, China and India decreased sharply (-59%, -11% and -3% respectively), imports from Vietnam increased by 15%. The growth of iron and steel exports shows that steel industry enterprises are increasingly interested in exploiting the EU market and have made good use of the incentives provided by the EVFTA agreement.In addition, the EU's continued extension of protective measures also requires businesses in the Vietnamese steel industry to be mentally prepared to respond to events and to properly and fully comply with the agency's requirements. EC investigation agency throughout the process of the case, closely coordinating with the Trade Remedies Department to receive timely information and support.

In 2023, Italy's steel production output recorded 21.06 million tons of steel, down 2.5% compared to 2022. The predicted cause is the fluctuating situation in the European steel industry such as high energy costs, low steel export demand and the intense conflict between Russia and Ukraine.1. Situation of Italian steel production in 2023In 2023, domestic steel production output decreased by 2.5% to 21.06 million tons. This decline occurred in the context of falling global steel demand and unpredictable increases in fuel and raw material costs.According to SteelOrbis data, long steel output reached 11.68 million tons, down 2.9% compared to 2022 and flat steel reached 9.54 million tons, down 0.1% y/y. In December 2023, domestic mills produced 1.33 million tons, increasing output by 6.5% y/y but decreasing by 29.5% compared to November 2023. Long steel production output reached 694 thousand tons, up 5% over the same period but down 36.9% over November. For flat steel, domestic producers reached 615 thousand tons, down 3.9% over the same period and 27.5% compared to the previous month.Returning to 2022, Italy's total steel production reached 21.06 million tons, down 11.5% over the same period in 2021. Regarding long steel, in 2022, Italy reached 12.03 million tons, down 12% y/y. Meanwhile, flat steel products also decreased by 13.8% over the same period, reaching 9.55 million tons.In 2022, not only Italy's steel output decreased, but the steel industry of EU countries also experienced a significant 10.5% decline over the same period, reaching 136.7 million tons. That was the result of rising energy prices, reduced export demand and the fluctuations of the Russia-Ukraine military conflict.2. Italy increases steel imports from Vietnam to solve domestic supply shortagesAccording to data from the Vietnam Steel Association (VSA), Italy ranked 1st among the countries that imported the largest Vietnamese steel in the first 10 months of 2023. Steel exports to the EU market accounted for 24.1% of the turnover proportion, reaching 2.2 million tons, a sharp increase of 86.2% over the same period in 2022. Of which, exports to the Italian market reached 1,355 million tons, an increase of 127.7%.Importing Vietnamese steel at good prices and high quality has helped Italy partly solve the difficulty of supply shortage due to a sharp decrease in domestic steel output. In the context of an unstable war situation and rising raw material prices, predicting Italy's steel demand is still a challenging question. Importers continue to seek supplies from major steel exporting countries such as China, India and Vietnam. However, they are still subject to many constraints on the government's trade defense measures to prevent dumping, which negatively affects domestic manufacturers.3. AG真人游戏 Steel - reputable and quality Vietnamese steel import support unitAG真人游戏 Steel is a leading unit in the field of providing Vietnamese steel import solutions, cooperating with many large and small businesses in more than 30 countries worldwide. With more than 10 years of experience as a bridge between importers and the largest steel brands in Vietnam such as Hoa Phat, Hoa Sen, Nam Kim, Tay Nam,... AG真人游戏 Steel can meet all customer requirements in terms of product specifications, reasonable costs. In addition, AG真人游戏 Steel's team of experts is always ready to advise customers about the market and Vietnamese steel products thoughtfully, in detail and 24/7 via Hotline: +84 28 36 22 33 58 or Email: [email protected]

According to the International Stainless Steel Forum, it is predicted that stainless steel consumption will increase by 3.6% in 2024. With the stability of interest rates and inventory levels at supply chain centers, stainless steel demand in the EU is expected to recover in the second half of 2024.1. European stainless steel market situation in 2024In 2023, the EU's stainless steel industry faced challenges with reduced production due to low demand and the impact of high inflation. However, entering 2024, experts predict positive developments and a recovery in the European steel industry.The improved macroeconomic situation is considered the main factor influencing the recovery of the European stainless steel market. The Government plans to accelerate projects on renewable energy sources, especially wind and solar energy, aiming to increase the consumption of renewable energy to at least 40% by 2030. This requires a large amount of stainless steel because their characteristics and strength ensure the safety and efficiency of the project.2. The global stainless steel industry prospered in 2024In 2023, the global stainless steel industry recovered by 2.3% and this positive signal has not stopped yet as WorldSteel predicts steel demand will continue to grow by 1.7% in 2024. The consumption of flat-rolled stainless steel is expected to grow the fastest at 5.2% compared to 2023, followed by cold rolled steel and long steel with rates of 3.2% and 3.7%. respectively. The regions predicted to have the highest stainless steel consumption are Asia (excluding China) with 5.6%, followed by the EU, Africa, and China.3. Vietnam gradually becomes a global stainless steel supplierVietnam maintained its position as the largest steel producer in Southeast Asia with 23 million tons of crude steel and 33 million tons of finished steel products of all kinds shipped in 2021. Once a country with the smallest economy in Asia, Vietnam Nam has risen to 13th position worldwide in crude steel output in 2022, exporting steel products to more than 30 countries in the region and worldwide.In 2024, Vietnam will continue to promote projects to upgrade stainless steel production systems such as Senzimir rolling machines, 1300mm wide rolling technology, advanced equipment and machinery from Tenova, Danieli,... These investment efforts have helped steel products fully meet international standards such as ASTM, JIS, BS, EN,... and design and size requirements from customers.Importing goods often takes a lot of time and effort to find sources of goods, manage the transportation process and control risks, especially high-value goods such as iron and steel. To solve the above difficult problems, many customers have chosen import support units to optimize costs and time.AG真人游戏 Steel is an enterprise specializing in providing solutions for importing Vietnamese steel to many large markets such as the United States, Europe, Italy, Spain,... Owning a network connecting the largest factories in Vietnam such as Hoa Phat, Hoa Sen Steel Sheet, Nam Kim, SY Vina,... AG真人游戏 Steel will bring quality goods at the best prices to importers. In particular, a team of experienced market analysis, business and supply experts will support customers throughout the entire import process, warranty commitments and resolve complaints and arising problems.From predictions about stainless steel demand in Europe in 2024, factories and importers can plan their business and development in the new context. For any questions about the Vietnamese stainless steel market, importers can contact AG真人游戏 Steel via Hotline: +84 28 36 22 33 58 or Email: [email protected] for the most detailed advice.

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.

Europe, with its well-developed steel industry and strong potential, is confidently anticipating a surge in the price of hot rolled coil in the final months of the year. Positive indicators and specific factors have created an ideal situation for steel price increases and mark the recovery of the steel industry after a challenging period.HRC price in EuropeBetween October 13th and October 20th, 2023, the price of hot rolled coil in Western Europe decreased by 鈧�10 per ton compared to the previous week, reaching a range of 鈧�610-鈧�630 per ton. This price decrease started at the beginning of October, with a 鈧�50 per ton drop on September 29th, equivalent to 7.3%. Meanwhile, the Italian market also experienced a similar price reduction, with hot rolled coil prices dropping by 鈧�10 per ton compared to the previous week and 鈧�20 per ton compared to the end of September. The price difference between Western and Southern Europe has narrowed, and the market is facing pressure from low-cost imported hot rolled coil.Service centers and distributors are currently experiencing low sales volumes due to reduced consumer demand. The significant volume of imports from Asia and India continues to put pressure on the market, and the European automotive industry is going through a slump, significantly impacting the purchase of hot rolled coil. Some steel companies are temporarily halting operations to balance supply and demand and prevent further price declines.Despite the weak market conditions, European steel producers are reducing production capacity to maintain balance, and it is anticipated that the market may face a supply shortage in November and December, potentially leading to an increase in hot rolled coil prices.HRC prices in other marketsIn the hot rolled coil steel market, prices in major countries like the United States, China, and India have experienced notable fluctuations. In the United States, hot rolled coil prices have been trending upwards from $680-700 USD per ton to $692-720 USD per ton. This is the result of factors such as trade policies, regulations on steel imports, and domestic industry protection measures. However, prices can still vary due to factors like supply and demand in the construction and manufacturing sectors.In China, one of the largest players in the global steel market, hot rolled coil prices have remained relatively stable recently. Additionally, China's steel production policies and output can impact both domestic and export steel prices. Factors like production restrictions or policy changes may not significantly alter prices in the short term.In India, hot rolled coil steel prices are often influenced by domestic supply and demand as well as imports. Currently, hot rolled coil prices in India are stable, and economic growth and infrastructure development are creating increased demand for steel. However, factors such as trade policies and anti-dumping measures can influence steel prices in the near future.

The European Union (EU) and the United States are collaborating to establish a common customs area to impose tariffs on steel products imported from China into the EU and the United States. Consequently, steel products imported from China will be subjected to a 25% tariff.Reasons Behind Imposing Tariffs on Chinese Steel ProductsThe United States and the EU have imposed safeguard tariffs on certain steel products imported from China, with the aim of directly addressing unfair pricing and countering illegal subsidies. However, these policies may change over time and depend on fluctuations in the trade and political relationships between nations. This is a significant step in strengthening the trade relationship between the two largest economic regions in the world. The initiative was proposed by the European Commission in the context of countries working to protect domestic production and improve international trade rules.This decision is aimed at creating a common customs area between the EU and the United States, where both parties will cooperate to establish uniform tariffs on steel imported from external economies. Presently, within countries in the EU and the United States, steel products imported from China and other nations have exerted pressure on the domestic steel market and manufacturing industries. These challenges have led the EU and the United States to seek solutions together to ensure that international trade takes place fairly and to protect domestic production. Therefore, in order to help safeguard steel production in the EU and the United States from the challenges posed by unfair competition and the increased import of cheap steel products, the US and EU have imposed a 25% tariff on certain steel products imported from China.The challenges that will have to be facedWhile there are many benefits, creating a common customs area also presents various challenges.First, there must be agreement between the EU and the United States on how to determine and apply uniform tariffs on steel products imported from China. Both sides may have their own trade regulations and rules, so coordinating and ensuring consistency is a significant challenge.Secondly, there may be reactions and objections from third-party economies, such as China, affected by the imposition of uniform tariffs. This could lead to larger trade negotiations and disputes.From China's perspective, being subjected to tariffs on steel products imported from China by the EU and the US will lead to a reduction in export volumes and decreased sales for Chinese steel manufacturers. The decline in sales and profits may impact the supply chain and labor force within China's steel industry, potentially leading to unemployment and hardships for the workforce. Additionally, the imposition of additional tariffs can raise the production costs of steel in China, thereby putting pressure on the profitability of steel producers.In general, the cooperation between the EU and the United States in establishing a common customs area for steel products imported from China has the potential to benefit both economies, safeguard domestic manufacturing industries, and ensure more equitable international trade. This not only promotes collaborative efforts in various other aspects of EU-US trade relations but also contributes to the overall development of the global steel industry. 

On June 28, 2023, the UK continued to maintain anti-dumping measures on heavy plate steel imported from China. This decision was made after the government considered recommendations from the Trade Remedies Authority (TRA) that the domestic steel industry would suffer significant damage if previous trade remedies measures were lifted.1. EU: Imposing definitive anti-dumping duty on non-alloy steel plate or other alloy steel imported from ChinaOn February 13, 2016, the European Commission initiated an anti-dumping investigation on steel products imported from China, specifically goods of flat products of non-alloy or other steel (excluding stainless steel, silicon-electrical steel, tool steel and high-speed steel), hot-rolled, not clad, plated or coated, not in coils.Products with thickness and width specified under Notice No. 2016/C 58/09, classified under the following HS codes: ex. 7208.51.20, 7208.51.91, 7208.51.98, 7208.52.91, 7208.90.20, 7208.90.80, 7225.40.40, 7225.40.60 and 7225.99.00.On August 11, 2016, the European Commission required that goods from China be registered with Customs for a period of nine months. As of August 11, 2016, the EC has imposed a provisional anti-dumping duty at a rate of duty is between 65.1% and 73.7% of the net-free-at-Union-frontier price depending on the company. The trade remedy measure on the above products imported from China is subject to Commission Implementation Regulation No. 2016/1888, was in force for a period of 6 months.Following the conclusions of the damage caused by China's cheap supply of heavy plate steel, the European Commission imposed definitive anti-dumping duties on the goods under investigation group. The amount of duty is between 65.1% and 73.7% of the net-free-at-Union-frontier price before duty depending on the company, in effective until February 28, 2022.However, in the face of recommendations from stakeholders and market fluctuations, on September 3, 2019, the EC issued Commission Implementation Regulation 2019/1382 regulating the definitive anti-dumping duties on imports of non-alloyed or alloyed steel plates from China if the safeguard duty is also levied on the same good. Accordingly, the definitive anti-dumping duty is adjusted in the range of 40.1 - 48.7% in case when the product is also subject to a 25% safeguard duty out of quota.According to the EU Withdrawal Agreement, from January 1, 2021, the UK is no longer a member of the EU and the application of safeguard measures on steel products is carried out independently between the EU and the UK. After this event, both the UK and the EU conducted a review and updated the trade protectionsm being applied. Therefore, on February 25, 2022, the European Commission announced the intitation of a sunset review of the definitive duty imposed on steel products from China.2. UK: extends anti-dumping duty on heavy plate steel imported from ChinaHeavy plate steel is one of the main materials for the production of construction equipment, oil and gas pipelines, shipbuilding, bridges and buildings. The construction and machinery manufacturing sectors account for over 70% of the UK's heavy plate steel consumption. Today, Spartan UK Ltd and Liberty Steel Dalzell Ltd are the UK's two largest producers of heavy plate steel, contributing 拢10-20 million to the UK economy each year.Therefore, when realizing that the source of cheap steel imported from China has seriously threatened business activities and profits, manufacturers have filed a complaint with the Trade Remedies Authority (TRA). The TRA investigation found that failure to impose strict safeguards on imported goods would have caused damage to British industry, with the risk of shutting down steel mills in North Lincolnshire and North Lanarkshire.On June 28, 2023, the UK government made the conclusion that the anti-dumping measures for heavy plate steel imported from China would remain in effect for 5 years.3. Prospects of Vietnam's steel imports to the UK 2023For Vietnam, the UK is currently the 13th largest important trading partner among countries and territories in the world, ranking 5th among European and American countries and territories. According to data of Vietnam Customs, in the first 11 months of 2021, Vietnam's total export turnover to the UK reached $5.24 billion, leading the growth rate was iron and steel products with an increase of 1269%, followed by products from iron and steel increased by 91.1%.The outstanding growth of iron and steel products by the recovery of industries in Europe after the pandemic. On the other hand, Vietnam's steel production output has improved in both quality and quantity. In 2021, Vietnam's crude steel output reached 23 million tons, finished steel products reached 33 million tons, the amount of steel exported to the UK increased by 708%, reaching 418,903 tons with an average price of 1172.7 USD/ton, increased by 69.5% over the same period last year.On March 13, 2023, Vietnam had the opportunity to welcome the UK Prime Minister's Trade Envoy to discuss bilateral investment and trade between Vietnam and the UK 2023. At the meeting, the two sides agreed on solutions to promote bilateral economic and trade cooperation, effectively implementing the UKVFTA and CPTPP Agreements. Through this event, the British government also continued to increase support and create favorable conditions to promote import and export activities between Vietnam and the UK. Therefore, most of Vietnam's steel products exported to the UK have grown well thanks to duty incentives.The UK government's move to extend anti-dumping duties on heavy plate steel imported from China may cause a supply chain shortage for domestic production. Finding alternative steel exporters is a solution that businesses can consider. Any demand for quotation and import of cheap and quality steel from Vietnam, please contact AG真人游戏 Steel via Whatsapp: +84 76 911 2358 for the best support.

2022 is a tough year for the world steel industry in general and Vietnam in particular because of the effects of the Russia-Ukraine war, high inflation and interest rates as well as China expanding lockdowns as Covid-19 epidemic. According to the forecast of the World Steel Association, steel demand and price in the world in the first half of 2023 will have significant changes. In this article, AG真人游戏 Steel will dive deeper into the situation of Vietnam's steel industry and key steel producing regions in the world today.1. Vietnam steel prices tend to decreaseAccording to a recent report of the Vietnam Steel Association (VSA), the price of construction steel has just decreased by 270,000 VND/ton, the lowest in the past two months. On June 15, Hoa Phat adjusted the price of CB240 coil to 14.29 million VND/ton, the price of D10 CB300 rebar to 14.69 million VND/ton, down 200,000 VND/ton.Other brands such as Vietnam Italy, Viet Duc, Viet Nhat, Pomina also lowered the price of the two above steels similarly. Thus, from the beginning of April until now, steel price has dropped 11 times in a row with a cumulative decrease of nearly 3 million VND/ton. The continuous reduction of steel prices by factories aims to improve production and consumption in the domestic market. Data from VSA shows that in May 2023, the whole country produced more than 2.2 million tons of finished steel, up 2.3% over the previous month. Domestic consumption volume also recorded more than 2.3 million tons, up 13.6% compared to April and tended to continue to increase.Regarding the export situation in the first quarter of 2023, Vietnam sold about 2,299 million tons to foreign countries with a total value of 1.72 billion USD. Currently, Vietnam exports iron and steel to 30 markets, mainly ASEAN (36.38%), the EU (24.15%), the US (7.55%), India (5.72%) and Turkey (3.21%). 2. Asia to drive steel demand recovery 2023-2024According to the World Steel Association, the main indicators of the real estate construction industry may increase by the end of 2023 but still not significantly. Meanwhile, infrastructure investment is tending to shift to projects that focus on less steel. China's steel demand is expected to recover 2%, reach 939.3 million tons in 2023 and stay flat in 2024.Structural steel demand in ASEAN markets recorded a strong increase. Recovering from the Covid-19 pandemic, Indonesia, the Philippines, and Vietnam began to restart delayed tourism and infrastructure projects. It is expected that the growth in steel demand of ASEAN will reach 77.1 million tons, up 6.2%, while in 2024 may increase by 5.7%.Overall, worldsteel expects steel demand in 2023 to increase by 40.8 million tons, reaching $1,8223 billion. In which, China contributed 18.4 million tons, ASEAN 4.5 million tons, Japan 2.2 million tons and South Korea 1.5 million tons.3. Steel prospect in developed and developing economiesSteel demand in developed economies such as Europe, the United States, Russia, Turkey,... has suffered a sizable contraction due to the effects of the Russia-Ukraine conflict, high energy costs and monetary tightening. After a decrease of 6.2% in 2022, the steel situation is expected to be more positive with an increase of 1.3% in 2023 and 3.2% in 2024.3.1. European Union and United KingdomDespite being significantly affected by the energy crisis caused by the Ukraine war, the EU's economy grew steadily by 3.5% in 2022. However, industrial activities still suffered significant losses due to high energy costs leading to a significant reduction in steel demand in 2022. In 2023, the EU steel industry is still facing many difficulties due to supply chain disruptions and currency tightening, expected to fall by 0.4%. A 5.6% rebound is expected in 2024. 3.2. USAThe US economy has taken a strong turn after the pandemic with the recovery and growth of the manufacturing and energy industries. Benefiting from the expansion of manufacturing operations, US steel demand in 2023 is expected to grow by 1.3% and then by 2.5% in 2024.3.3. IndiaAccording to the World Steel Association, India is still a bright spot in the global steel industry in 2023 thanks to managed inflation well. The automotive and consumer durables sectors are expected to grow steadily, leading to a healthy growth in steel demand at 7.3% in 2023 and 6.2% in 2024.With the forecast of steel demand growth in developed and developing economies in the period of 2023-2024, it will help importers to have the most effective purchase plan. Don't forget to follow AG真人游戏 Steel to keep up to date with the latest news about Vietnam and the world's steel industry. Any need to import steel from Vietnam, please contact Whatsapp: +84 76 911 2358 for the best support from AG真人游戏 Steel.