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According to statistics from the General Department of Customs, Vietnam's iron and steel exports of all kinds in October 2023 reached 908,142 tons, an increase of 5% compared to September and a sharp increase of 71.5% compared to the same period in 2022. Vietnam is aggressively penetrating major markets like the United States, India, Italy, Singapore,鈥� offering extremely competitive prices.1. Vietnamese steel export situation 10M/2023According to the General Department of Customs, accumulated in the first 10 months of 2023, Vietnam's iron and steel export output of all kinds reached over 9.1 million tons, equivalent to 6.95 billion USD, up 30.7% in volume and up 0.1% in value compared to the same period last year. The average export price of 10M/2023 reached 760 USD/ton, down 23.4% over the same period last year.By the end of October 2023, the 10 largest Vietnamese steel import markets were Italy accounting for 14.8%, Cambodia (9.9%), the United States ( 9.1%), India (8%), Malaysia (7.2%), Indonesia (6%), Belgium (5.4%), Spain (3.9%), Taiwan (3.4%) and Thailand (3.1%).2. Bright spots in Vietnam's steel exports2.1. Southeast Asia regionSoutheast Asia is still the main export market of Vietnam's steel industry, accounting for 31.5% of the proportion. However, in the first 10 months of 2023, exports to this market decreased slightly by 2.6% compared to the same period in 2022, mainly due to down 13% in exports to the largest market, Cambodia. In contrast, exports to markets like Malaysia, Indonesia, Thailand and Singapore still increased compared to the same period last year.2.2 EU marketThe highlight in the steel export situation in the first 10 months of 2023 is the EU market has positive growth rates compared to the same period in 2022. Specifically, Italy imported the most steel from Vietnam with over 1.35 million tons, an increase of 128%, followed by Belgium with 0.49 million tons, an increase of 30% and Spain imported 0.35 million tons, an increase of 70.2%.According to the European Steel Association (EUROFER), Vietnam accounted for 8.1% of the total amount of finished steel products imported into Europe by the end of August 2023. Another positive signal for Vietnam's steel industry is that Europe's imports of finished steel products from Turkey, China and India decreased sharply (-59%, -11% and -3% respectively) while imports from Vietnam increased by 15%.2.3. Indian marketNotably, steel exports of all kinds to India in October reached 198,418 tons, worth 139.6 million USD, an increase of 2,346% in volume and an increase of 1,103% in turnover compared to October 2022. This is also the month recording the highest export output since the beginning of 2023.In the first 10 months of 2023, India has become Vietnam's 4th largest steel export market with a total output of over 0.73 million tons, a value of over 539.7 million USD, an increase of nearly 16 times in volume and an increase of 7.8 times in value compared to the same period in 2022. The main export items were hot-rolled steel coils and galvanized steel sheets, of which HRC is a new product that India has not imported from Vietnam in the 2021/2022 financial year.2.4. Cambodian marketCambodia, Vietnam's largest steel export market in 2022, dropped to second place in 2023 due to a decrease in both output and export turnover. As of October 2023, Vietnam's iron and steel export turnover to Cambodia reached 612.7 million USD, down 26% over the same period last year; Exported iron and steel output reached over 0.9 million tons, down 13% over the same period. The main export product to Cambodia is mainly construction steel. According to exporters, the amount of construction steel exported to Cambodia decreased partly due to the impact of the COVID-19 pandemic on the real estate market.Vietnam's steel exports have many signs of recovery and positive development in the fourth quarter and early 2024. Many importers from major markets such as the US, EU, UK and India pay a lot of attention to cheap, quality steel from Vietnam. However, in the context of many fluctuations in the world's economic and political situation, the Vietnamese and global steel industry can still experience many sudden changes. You can follow AG真人游戏 Steel to update the latest steel market information!

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.

Stemming from the US's imposition of anti-dumping duties on Korean stainless steel round wire products, recently, the US Department of Commerce (DOC) has issued a final conclusion. Accordingly, Vietnam's stainless steel wire does not evade anti-dumping duty in the US.1. The US: Vietnamese stainless steel wire products not circumventing US anti-dumping dutyAccording to the report of the United States International Trade Commission (USITC), the output of stainless steel wire (HS 7223) of Vietnam exported to the US market in 2021 will reach about 4.9 million USD. In May 2021, North American Stainless (NAS) company requested the US Department of Commerce (DOC) to investigate the evasion of anti-dumping duty on stainless steel round wire products imported from Vietnam because of its suspicion of products HS 7223 is manufactured from imported materials from Korea. Accordingly, the United States imposed a definitive anti-dumping duty on stainless steel wire from Korea at the rate of 4.73%, applicable from February 24, 2022.In February 2022, at the request of the US manufacturer, the DOC officially initiated an investigation from January 1, 2020 to December 31, 2021.In December 2022, the DOC made a preliminary conclusion of the case, according to which Vietnam's stainless steel wire products manufactured from materials imported from Korea didn鈥檛 violate the anti-dumping duty that the United States is applying with similar products from Korea.Recently, the Trade Remedies Administration said that on May 22, 2023, the US Department of Commerce maintained the statement in its previous preliminary conclusion in December 2022.Thanks to the efforts and support of the Ministry of Industry and Trade, relevant ministries and branches of Vietnam have achieved positive results in the case of HS 7223 steel product investigation. Thus,  stainless steel round wire products of Vietnam do not evade anti-dumping duty in the United States.2. Situation of anti-dumping investigation in the US marketThe United States is one of the countries that frequently uses trade remedies, especially for imported steel. According to WTO statistics, by the end of June 2022, the US has investigated a total of 1,177 cases and applied 832 trade remedies. By the end of December 2022, the United States had handled 53 trade remedies against goods imported from Vietnam. In 2022, the US initiated an investigation into 12 more cases, of which mainly steel products, solar batteries, wooden cabinets, staples, wire steel,...3. Vietnam increases steel exports to the US marketOn April 15, 2023, the United States extended sanctions against Russia by one year. This has contributed to a shortage of supply and an increase in steel price in the world. However, this event created favorable conditions for Vietnam's steel industry to boost exports to the European and American markets.Vietnam's total steel production volume in 2022 will reach 29.34 million tons, total consumption volume of all kinds will reach 27.3 million tons. According to statistics of the General Department of Customs, the total bilateral trade between the United States and Vietnam in 2022 is approximately 123.9 billion USD, up 11% compared to 2021. In which, Vietnam exports to the United States reached 109.4 billion USD, up 13.6% compared to 2021, accounting for 29.5% of Vietnam's total exports.By the end of October 2022, Vietnam is the 7th largest trading partner of the United States with a total import-export turnover of 129.6 billion USD, an increase of 26.7% compared to 2021. Particularly, Vietnam's exports to the US reached 119 billion USD, up 28.9%.Iron and steel are the top 2 export products with a strong growth rate with a total value of 1.06 billion USD, up 49.6% compared to 2021.4. AG真人游戏 Steel 鈥� Prestigious import sourcing unitFacing the pros and cons in importing steel from Vietnam, customers should contact domestic sourcing units for the best support in terms of product quality and cost.AG真人游戏 Steel is one of the pioneers in the field of exporting steel to demanding markets such as the United States, Europe, ASEAN,... With more than 12 years of experience, AG真人游戏 Steel brings you remarkable experiences like:Providing in-depth market research to help importers understand the situation of Vietnam's steel marketA wide network of relationships with the largest steel manufacturers in Vietnam such as Hoa Phat, Ton Hoa Sen, Nam Kim, Ton Dong A,..., helps customers connect with the companies that best match their order requirements.Supporting inspection and assessment of product quality, commit that goods meet agreed requirements and standards.Providing logistics and transportation solutions that help importers easily control the delivery and receipt process to the desired destination.Vietnam's stainless steel wire does not violate the US trade remedies, which opens up many opportunities for the two countries to continue promoting bilateral trade. For any questions about importing Vietnamese steel and requesting a detailed quote, please contact AG真人游戏 Steel via Email [email protected] for the fastest response.

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. 

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.