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According to a report from the General Department of Customs, Vietnamese iron and steel exports in March 2024 reached nearly 1.1 million tons with a turnover of more than 834.8 million USD, an increase of 10% in volume and 11.4% in value compared to February 2024. Italy remains Vietnamese largest iron and steel import market with 483 thousand tons, an increase of 80.4% in volume and 64.2% in value compared to the same period in 2023. Vietnamese iron and steel exports in March 2024 witnessed a notable surge, marking a significant uptick in the industry's performanceVietnamese steel export situation in March and Q1/ 2024 In the first quarter of 2024, Vietnamese iron and steel exports earned nearly 2.4 billion USD with more than 3.23 million tons, up 42% in volume and 40.1% in value compared to the same period in 2023. The export situation of Vietnamese iron and steel exports of all kinds has prospered since the beginning of the year, showing positive signs for the steel industry in 2024. Vietnamese iron and steel exports saw a remarkable performance, generating revenue close to 2.4 billion USDRegarding markets, Italy, the US and Cambodia remain the top 3 largest import markets for Vietnamese steel with a total export value in the first quarter of 299 million USD, 399.6 million USD and 182.8 million USD respectively. Notably, iron and steel exports to some markets grew strongly. Specifically, in March 2024, Singapore imported more than 42,000 tons of Vietnamese steel with a turnover of 23 million USD, an increase of 24,000% in volume and 7,456% in value compared to the same period last year. Vietnam is one of Singapore's key steel import markets to reduce dependence on massive Chinese steel sources. According to the Vietnam Steel Association (VSA), steel consumption in 2024 is expected to increase by 6.4% to nearly 21.6 million tons. Among them, exports of finished and semi-finished steel products are expected to reach 13 million tons, an increase of 12%. World steel demand is forecast to recover strongly in 2024, reaching 1.79 billion tons, an increase of 1.7%. Therefore, Vietnamese steel production will have many positive signs, expected to increase by about 10% in 2024. Finished steel production in the two years 2024 - 2025 is estimated to reach about 28 - 30 million tons, with consumption demand domestic steel is about 22 - 23 million tons. Italy, the US, and Cambodia continue to hold their positions as the top 3 largest import markets for Vietnamese steelAG真人游戏 Steel as a trusted Vietnamese steel supplier AG真人游戏 Steel specializes in providing comprehensive Vietnamese steel import solutions, including consulting, sourcing, purchasing, quality control, delivery support and issue resolution. AG真人游戏 Steel supplies Vietnamese iron and steel of all kinds to many markets such as the United States, Italy, Belgium, Australia, Malaysia, Indonesia, Singapore,... Over the years, AG真人游戏 Steel has been famous for providing quality and time-saving solutions to many Vietnamese steel importers worldwide. Our office has a team of experienced experts in the field of iron and steel to provide you with the most optimal advice and solutions for your project. AG真人游戏 Steel has a wide network of connections with all Vietnamese factories, helping to offer the most diverse and competitive prices and products to customers. Above is some information about Vietnamese steel export situation in Q1/2024. Hopefully this article has provided you with useful information about the Vietnamese and global steel markets. You can contact AG真人游戏 Steel via Whatsapp: +84 76 911 2358 and Email: [email protected] for advice and answers to questions about the Vietnamese steel import process.

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.

Vietnamese iron and steel export value to Singapore in the first 2 months of 2024 reached more than 21.5 million USD, an increase of 56 times over the same period last year.According to preliminary statistics from the General Department of Customs, the value of exporting goods to the Singapore market in the first 2 months of 2024 reached nearly 737 million USD, an increase of 9% over the same period last year. Notably, the value of Vietnamese iron and steel exports to Singapore reached more than 21.5 million USD, an increase of 56 times over the same period last year.Currently, Singapore's infrastructure construction is increasingly developing, leading to a sharp increase in iron and steel import demand. Singapore is a country with the best economy in the Asia-Pacific region, especially in 2024, the country will promote the construction of social housing to support people in difficult economic contexts.In the context of the Chinese iron and steel market being dominant, exporting massively to many countries around the world, Singapore needs to find and expand the supply market for raw materials to replace China. This will contribute to reducing China's influence on the global economy.Vietnam is one of the key steel suppliers that helps Singapore reduce its dependence on Chinese supplies as well as solve the shortage of goods. In January 2024, Vietnam rose to the position of Singapore's 10th largest trading partner, with a two-way trade turnover of more than 2.9 billion SGD, an increase of 18.08%. Vietnam currently ranks 17th out of Singapore's 20 largest import partners with a turnover of 678.8 million SGD (up 30.34%). Vietnam's construction steel prices are competitive compared to other countries, so markets such as Singapore and Malaysia have increased imports in the first 2 months of this year.Above is the import-export situation of Singapore in the first 2 months of 2024 and the prospects for growth of Singapore-Vietnam steel import cooperation. All questions and needs to import high quality Vietnamese steel, customers please contact AG真人游戏 Steel via Whatsapp:+84769112358 or Email: [email protected].

The year 2024 is expected to mark the recovery of the steel industry. Efforts to increase the disbursement of public investment capital along with promoting credit loan packages for social housing projects can have a positive impact on the steel market.Pressure from cheap Chinese steelAfter COVID-19, China gradually reopened to recover the economy. Being the country with the most developed steel industry in the world, however, the persistent situation of the real estate crisis also makes the business activities of this country's steel industry not very positive. Weak demand in the Chinese steel market in the context of the country's slowing economic growth, the real estate market not yet recovering, the electric vehicle manufacturing sector showing signs of oversupply, making steel products China continues to be exported at low prices to reduce inventory. This is a factor that puts great pressure on Vietnam's steel industry. Previously, in 2023, China exported 91.2 million tons of steel, an increase of 35% compared to 2022. China exports steel mainly to Southeast Asian countries such as Indonesia, Thailand, the Philippines, Vietnam, etc., which also puts more competitive pressure on Vietnamese businesses because these have been the main export markets of the Vietnamese steel industry for many years. China's promotion of exports has led to a decrease in steel prices, causing the gross profit margin of many Vietnamese steel manufacturing enterprises to recover more slowly than expected.The steel industry is expected to recoverIn 2024, along with the recovery of the steel industry market, profit margins of steel manufacturing enterprises will improve after a long period of suffering losses and inventory.According to a recent report from the Vietnam Steel Association (VSA), Vietnam's economy will have positive bright spots in 2023 when growth is promoted, inflation is controlled, and major balances of the economy are guaranteed. However, due to the impact of the world economic downturn, in 2023, the finished steel products of Vietnamese steel industry enterprises will only reach 27.76 million tons, down 5%. Consumption of finished steel products will reach nearly 26.3 million tons, down 3.5% compared to 2022. However, exports are a bright spot with significant growth, reaching 8 million tons, up 29% over the year. Previously, with the main export markets in the ASEAN region, EU, United States, and India,...VSA also said that it is expected that in 2024, steel industry consumption will increase by about 6.4% and steel exports will increase to nearly 13 million tons. This target is set based on the expectation that Vietnam's GDP will grow by 6 - 6.5% this year. In addition, world steel demand is expected to increase by 1.9%, reaching 1.8 billion tons in 2024, of which ASEAN steel demand is expected to increase by 5.2%. VSA said that the steel production prospects of Vietnam's steel industry will increase by about 10% in 2024 and 8% in 2025 when the demand for steel in domestic economic sectors recovers. Finished steel product production in 2024 and 2025 is estimated to reach about 28 million - 30 million tons; domestic steel consumption demand is about 22 million - 23 million tons.The business picture of steel industry enterprises has passed the gloomy period when steel prices showed signs of recovery. Businesses do not have to set up large inventories like last year. Profits of steel enterprises are gradually improving thanks to increased steel consumption and exports and reduced inventories at enterprises. With the government's economic promotion programs, including removing difficulties in the real estate sector, supporting interest rates, promoting public investment, etc., Mr. Nghiem Xuan Da, General Director of Steel Corporation Vietnam (JSC), forecasts that steel industry output in 2024 could increase by 10%.Expecting the real estate market to recover in the second half of 2024, creating demand for the steel industry, Hoa Phat plans to increase steel output by more than 10% this year. In addition, this enterprise also invests in new projects to continue to strengthen its position as the leading steel manufacturer in Southeast Asia.

T眉rkiye is the 8th largest steel producer in the world and has surpassed Germany, leading in steel production in Europe. However, in the past two years, its steel production and exports output has continuously decreased due to global economic difficulties. However, Turkish steel companies continue to boost production capacity, promising an explosive growth in 2024.1. T眉rkiye's steel production situationAlthough T眉rkiye still maintains the 8th position in the ranking of the world's largest steel producers, 2023 marked the second consecutive year of decline in the steel industry. According to WorldSteel, T眉rkiye produced 33.7 million tons of steel (down 4% y/y) in 2023 and 35.1 million tons in 2022 (-12.9% y/y). The decline in steel production from 2022 to 2023 was due to macroeconomic instability and high inflation. The Turkish lira depreciated around 60% against the dollar in 2023 restricted steel imports and domestic steel consumption.Currently, most of the Turkish steel industry produces through electric arc furnace technology. In 2022, 71.5% of the domestic steel was produced from these furnaces, so the increase in electricity prices was also a factor that seriously affected the steel industry. According to the Confederation of Turkish Steelmakers (CIB), the sharp increase in electricity prices accounted for 27% of production costs compared to 8% in 2021.Other factors affecting steel production and consumption in T眉rkiye include the increase in VAT from 18% to 20%, leading to higher steel coil prices. The earthquake in February 2023 also negatively impacted the steel industry when 1/3 of factories were forced to suspend production.In 2023, coil steel consumption reached 38.1 million tons, an increase of 17.1% compared to 2022, leading to a 15.5% increase in steel imports compared to the same period in 2023  (According to the Turkish Steel Manufacturers Association (TCUD). 2. T眉rkiye's steel import and export situationT眉rkiye's steel exports in 2023 continued to decrease to 10.5 million tons, -30.6% y/y. Export revenue reached 8.3 billion USD, down 40.7% y/y. In 2022, steel exports only reached 15.1 million tons, down 23.5% over the same period last year.During January - November 2023 period, the EU imported an average of 199,000 tons of steel from Turkey per month. In 2022, T眉rkiye's imports of rolled steel products into Europe reached 4.33 million tons, accounting for 15% of the market share. Steel exports from T眉rkiye declined due to the following factors: High electricity prices in T眉rkiye reduce price competitiveness compared to other supply sources.The EU and US strengthen trade defense measures to protect domestic manufacturers against dumping. The US imposed a 25% tariff on Turkish steel products. Opportunities to export steel to the EU are limited by the quota system. In addition, the EU also applied anti-dumping duties on hot-rolled steel sheets imported from T眉rkiye.China increased exports of cheap steel due to a steel surplus. Russian suppliers offer low prices to attract importers. This negatively impacts prices and export opportunities of other countries.Thus, steel exports from T眉rkiye to the EU are decreasing. Manufacturers are losing price competition in the EU market. At the same time, T眉rkiye faces massive imports, forcing the government to take measures to protect the domestic market.In 2022, T眉rkiye imposed tariffs on hot rolled imports from the EU. In May 2023, import duties on some flat rolled products increased by an average of 7%, specifically hot rolled steel coils from 9% to 15%, cold rolled steel coils from 10% to 17%, steel coils from 9% to 15% and hot rolling alloy from 6% to 14%.Entering 2024, the trend of increasing trade protection is still going strong. In January, tariff rates on some flat-rolled products increased and continued to maintain tariff rates on imported rolled steel. In the near future, the government will also review anti-dumping measures on hot-rolled steel coils from China, Japan, India and the Russian Federation along with stainless steel pipes from China and Taiwan.3. Turkish steel industry outlook 2024Experts predict that the Turkish steel market will have many bright spots thanks to growing global steel demand. The World Steel Association forecasts that steel consumption in T眉rkiye will reach 40.6 million tons, an increase of 5% by 2024.According to the Turkish Steel Association (TCUD), steel output in January 2024 reached 3.2 million tons, up 24.7% over the same period and flat steel consumption increased by 33.6% over the same period. The figures for February are even more positive.Manufacturers Kardemir, Y谋ld谋z, Colakoglu Metalurji, Has莽elik have planned to invest millions of dollars to increase production capacity in 2024.T眉rkiye has a large and growing domestic market, so the future of the steel industry will be based on meeting domestic demand. In addition, T眉rkiye has deployed steel production technology from CBAM scrap, providing advantages for exporting to the EU market.

According to the Vietnam Customs Department, iron and steel export output in the first 2 months of 2024 reached 1.5 billion USD, an increase of 19% in volume and 13% in value compared to the same period in 2023. In particular, Italy, the US and Malaysia were the top 3 import markets for Vietnamese steel in January 2024.In February 2024, the average export steel price reached 713 USD/ton, up 0.6% compared to the previous month. ASEAN continues to be Vietnam's largest steel export market, accounting for 32% of the market share. The EU and the US followed closely with 28% and 9% respectively.Notably, in January 2024, Vietnamese steel export volume to Italy, the US and Malaysia saw significant growth. Specifically, Vietnam exported 203,000 tons of iron and steel to Italy, an increase of 114% over the same period last year, while exports to the US reached 139,000 tons, an increase of 419%. In particular, iron and steel exports to the Malaysian market increased sharply in volume, reaching 120 thousand tons in the first month of the year, a 625% increase compared to January 2023.The reason why Malaysia boosts imports of Vietnamese iron and steel is because of the demand for steel, especially construction steel for domestic construction and infrastructure projects. According to the Southeast Asia Iron and Steel Institute (SEAISI), construction activities in the region gradually stabilize and develop, which will drive steel consumption in ASEAN countries. ASEAN's steel demand is expected to increase sharply in the next two years as construction activity recovers.Malaysia is one of Vietnamese 10 largest trading partners. Bilateral trade turnover has increased steadily over the years, with 2022 reaching nearly 14.8 billion USD. The two sides strive to achieve the goal of bringing bilateral trade turnover to 18 billion USD by 2025. Vietnam and Malaysia are members of new-generation trade agreements such as the Global Economic Partnership Agreement. Regional Partnership (RCEP), Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), ASEAN Trade in Goods Agreement (ATIGA) and ASEAN Free Trade Area (AFTA. Thanks to the support and facilitation from the governments of both countries, steel exports to Malaysia will have many positive highlights in the future.Furthermore, world steel demand is expected to grow strongly in 2024, reaching 1.8 billion tons, up 2% over the previous year. Therefore, Vietnam's steel production faces many opportunities and development in 2024, with an estimated growth of around 10%.Hopefully the information on bilateral import and export situation between Malaysia and Vietnam has helped you update the newest global steel news. AG真人游戏 Steel provides solutions to import high quality Vietnamese steel at good prices to help you save time, effort and minimize import risks. For any consulting information, please contact AG真人游戏 Steel via Hotline +842836223358 or Email: [email protected].

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.

The Trade Defense Agency (Ministry of Industry and Trade) has just warned about the risk of Canada investigating and applying trade defense measures to steel imported from Vietnam.According to the Trade Defense Agency, with the policy of monitoring and tightening management of steel imported to protect the domestic market, it is expected that in the coming time, Canada will continue to research and investigate products, type of steel imported from Vietnam. The items targeted by Canada are Vietnam's main export products including concrete reinforcement steel, anti-corrosion steel plates, steel coils and oil pipeline steel. This item is widely used in prestressed concrete wire (PC Wire), umbrella frames, tire bead wire (TBW), piano wire, wire cores for conductors, cables used in elevators and cranes, welding electrode cores and nails.For Canada alone, there have been 18 trade defense cases. Of these, there have been eight trade defense cases with steel imported from Vietnam. Specifically, there are 5 anti-dumping cases, 2 anti-subsidy cases and 1 self-defense case. According to statistical data from Trademap, an updated database system on the trade situation of countries established by the International Trade Center (ITC), Vietnam's export turnover of steel wire products to Canada has increased rapidly in recent years. For example, in 2020, Vietnam exported about 10 million USD of steel wire to Canada. The export turnover of this item doubled to 21 million USD in 2021 and continued to grow strongly, reaching about 40 million USD in 2022.This shows that our country's goods exports to Canada are being actively supported by the implementation of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), effective January 2019. Currently, Vietnam is Canada's leading trading partner in ASEAN and Canada's 6th largest trading partner in the group of 40 Indo-Pacific countries.The absolute increase in value is one of the criteria for Canada to conduct an investigation and apply trade defense measures against Vietnamese steel wire. Based on this database, the Trade Defense Agency issued a warning about the risk of Canada investigating and applying trade defense measures to steel imported from Vietnam and recommended that businesses, related associations and businesses review the export of steel wire to the Canadian market (refer to the following HS codes: 7223, 7213, 7227 and 7306).According to experts, this move is a wake-up call to advise businesses to proactively research regulations and procedures to respond in case Canada conducts an investigation into trade defense cases against imported products, such as steel imported from Vietnam. In cases of investigation, the association and related businesses need to have a strategy to participate and handle the case, fully cooperate at the request of the investigation agency and regularly coordinate to receive support from the Trade Defense Agency. Canada is a potential market for Vietnam's exports. If goods are handled and recalled, it will cause great damage to domestic businesses.Above is information about the Trade Defense Agency warning businesses to be careful because steel imported from Vietnam may be investigated by Canada. We will continuously update information about this incident; please follow the website to get the latest information about this incident.

Overcapacity in China has led to a surge in steel exports, affecting the consumption of domestic factories in Southeast Asia. According to short-term forecasts, the Southeast Asian steel market will be flooded with cheap Chinese steel, some of which is sold at prices lower than production prices through dumping behavior.According to the Secretary General of the Southeast Asia Iron and Steel Institute and former Deputy Minister of International Trade and Industry, expectations for the strong post-COVID-19 recovery in China's real estate and construction sector have not materialized. Meanwhile, steel output is expected to increase by 5% to more than 1 billion tons without any significant control policies. Even, Chinese steel exports are expected to reach a record high of 89 million tons. Excess capacity leads to "dumping" and the massive export of cheap steel to Southeast Asian countries.According to data from the Southeast Asia Iron and Steel Institute (SEAISI), total production capacity in the 2029-2030 period will reach 182.5 million tons, 2.3 times higher than the current capacity (78.1 million tons). Another obstacle is that China's construction and real estate sectors are unlikely to recover, so exporting steel to China is also difficult.In 2022, ASEAN-6's steel demand was 75.1 million tons, crude steel capacity was 78.1 million tons, output reached 50.5 million tons with capacity utilization at 64.6% (below the efficiency level of 80%). Steel imports reached 43.8 million tons, equivalent to 58% of demand. In Malaysia, factories face an even worse situation when they fall into a situation of overcapacity of more than 60%. Domestic demand was 5.4 million tons, capacity was about 10.6 million tons, while output is 3.6 million tons. Malaysia's top 4 long steel manufacturing companies also reported a loss of nearly 199 million USD in 6 quarters. From 2018 to 2022, the total losses of the 4 factories amounted to 1.35 billion RM. The new company entering Malaysia uses blast furnace (BF) technology that pollutes 3 times more than the EAF system. This negatively affects Malaysia's Net Zero roadmap by 2050.

In January 2024, Vietnam exported more than 1.16 million tons of steel with a value of more than 822.65 million USD and imported nearly 1.49 million tons of steel with a value of 1.06 billion USD. Notably, Vietnam's steel exports in 2024 will have many positive bright spots thanks to rising world steel demand and support from developed economies.1. Steel export situation in January 2024According to statistics from the General Department of Customs, as of January 2024, Vietnam's steel exports have increased for 4 consecutive months, reaching more than 1.16 million tons with a value of 822.65 million USD, an increase of 7.1% in price and 7.4% in value compared to the previous month; increased by 72.6% in volume and 80% y/y in 2023. The average export steel price also increased by 0.3% over the previous month and increased by 3.9% over the same period in 2023, to 709 USD/ton.2. Steel import situation in January 2024Conversely, steel imports in January 2024 reached nearly 1.49 million tons with a value of 1.06 billion USD, an increase of 27.3% in volume and 22.3% in value compared to December 2023; increased sharply by 151.2% in volume and 101.6% in value y/y in 2023. The average imported steel price reached 712 USD/ton, down 3.9% over the previous month and down 19.7% over the same period in 2023.Steel scrap imports in January 2024 also decreased after 3 consecutive months of increase, reaching 356,301 tons with a value of 140.96 million USD, down 18.8% in volume and 9.6% in value compared to the previous month. The average price of imported scrap steel reached 396 USD/ton, up 11.3% over the previous month and up 2.7% over the same period in 2023.3. Positive expectations for the steel industry in 2024The above positive results raise high hopes for the steel export market in 2024. Export volume in the following months can maintain growth thanks to a positive global demand outlook. According to the World Steel Association, world steel demand is expected to increase by 1.9% in 2024, demand from developed countries is expected to increase by 2.8%, of which the US and Europe will increase by 5.8% and 1.6%, respectively. On the other hand, steel demand of ASEAN countries (except Vietnam) is expected to increase by 5.2% in 2024, up 1.4% compared to 2023.It is expected that Vietnam's steel export output will improve in the first quarter due to the increasing difference between prices in North America and Europe compared to steel prices in Vietnam. In addition, Europe also issued sanctions and strictly controlled the import of semi-finished steel products from Russia while supporting the import of Vietnamese steel.