(Source Congthuong.vn)
Domestic steel prices move sideways after 2 sessions of decline
With Hoa Phat steel, within more than a month, Hoa Phat steel has decreased by 1.2-1.3 million dong per ton.
In the North, steel price today 20/10 recorded Hoa Phat steel with CB240 coil at 14,500 VND/kg; D10 CB300 rebar is priced at 14,600 VND/kg.
Vietnam Italy steel brand, currently CB240 steel coil at 14,510 VND/kg; D10 CB300 rebar line is priced at 14,720 VND/kg.
Viet Duc Steel, currently CB240 coil line remains unchanged at 14,350 VND/kg; and D10 CB300 rebar is priced at 14,660 VND/kg.
Viet Sing Steel, currently CB240 coil at 14,310 VND/kg; D10 CB300 rebar is priced at 14,510 VND/kg.
Viet Nhat Steel adjusted to reduce prices, with CB240 coil line down 200 dong, priced at 14,310 dong/kg; rebar D10 CB300 at 14,510 VND/kg.
In the Central region, Hoa Phat Steel, with CB240 coil line at 14,310 VND/kg; D10 CB300 rebar is priced at 14,820 VND/kg.
Viet Duc Steel, currently CB240 coil line is at 14,620 VND/kg; D10 CB300 rebar is priced at 15,020 VND/kg.
Viet My Steel (VAS), with CB240 coil at 14,260 VND/kg; D10 CB300 rebar is priced at 14,360 VND/kg.
Pomina Steel, CB240 coil line is at VND 15,730/kg; however, the D10 CB300 rebar is priced at VND 15,940/kg.
In the South, Viet My Steel (VAS), CB240 coil line decreased by 100 dong to 14,310 dong/kg; and for D10 CB300 rebar, the price is 14,410 VND/kg - down 310 VND.
Hoa Phat Steel, CB240 coil line is still at 14,360 VND/kg; Meanwhile, D10 CB300 rebar is priced at 14,570 VND/kg.
Pomina Steel, with CB240 coil line at VND 15,580/kg; D10 CB300 rebar is priced at 15,680 VND/kg.
At this level, the current steel price is equivalent to the end of 2020 - a time when the steel market's outlook is very difficult.
According to information from the Vietnam Steel Association (VSA), the country's finished steel consumption in the third quarter of 2022 reached over 6 million tons, down 13.4% compared to the previous quarter and down 10.5% over the same period. Accumulating 9 months, the country's finished steel consumption reached 21.2 million tons, down 3.1% over the same period; in which exports reached 4.8 million tons, down 15.7%.
Chinese steel faces difficulties due to falling demand
Currently, China's steel industry is facing precarious financial situation and gloomy demand. Moreover, a large part of financial and securities analysts around the world have also forecast that steel industry crises will get worse as China prepares to face a harsh winter.
Besides, the downward financial spiral has a heavy impact on China's economy. And steel is the industry hardest hit. The current crisis began about a year ago when Evergrande - China's second largest real estate group announced that it could not pay its $300 billion debt.
A few months ago, the Chinese government announced a new fiscal stimulus measure. However, many experts say the move is too late, with China's industries already reeling from Covid-19 outbreaks and frequent power outages.
Experts say that, despite the fact that the Chinese government is spending money on infrastructure construction, the actual growth target is unlikely to reach 5.5%.
China's steel industry and companies that provide raw materials such as iron ore are facing a bleak future. When entering the second half of the year, the profit of the steel manufacturing industry has dropped seriously. In recently released forecasts, only about 5 out of 25 listed steel companies in the country estimate profits will increase in the first half of the year.
Nguyen Duyen
