Other companies such as VAS, Tungho and Thep My sold their steel at the same price. This is the 18th decline in steel prices this year.
Although August is considered a high time for construction work, sellers have been posting low sales.
Hung Vu, a steel seller in Hanoi’s Ha Dong District, said that since early July sales have plunged 60% year-on-year. Most manufacturers have cut production.
Hoa Phat in the first seven months produced nearly 3.5 million tons of steel, down 30% year-on-year. Its sales also dropped 23% to 3.46 million tons.
In the first seven months, Vietnam imported 31% less steel than the same period last year, according to the Ministry of Industry and Trade.
The Vietnam Steel Association expects the price drop to persist in the coming months.
Imported ferrous scrap market remains dull on limited activities w-o-w
In Vietnam, the imported ferrous scrap market remained inactive due to limited offerings from the US and Japanese suppliers for HMS (80:20) and H2 scrap respectively.
Despite this silence, market participants believe that prices are unlikely to decline, largely due to support from raw material costs and government policies.
Recent developments indicate bids for HMS (80:20) at $375/tonne, with Japanese suppliers quoting $400/tonne. However, the lack of interest from Vietnamese buyers persists for the latter offer.
Turning to the domestic market, local demand continued to be weak due to the current seasonal lull and excessive rainfall in Vietnam. Notably, bids within the country for domestic H2 equivalent stand at VND 9,300/kg ($387/tonne), with delivery to northern region mills.
Vietnam starts AD end-of-term review on cold-rolled stainless steel from 4 countries
The Ministry of Industry and Trade (MOIT) of Vietnam launched an end-of-term review of anti-dumping (AD) measures on cold-rolled stainless steel products from Taiwan, Indonesia, Malaysia, and China. MOIT has opened the receiving of the dossier of the review, with a deadline on August 28, 2023.
The products involved are classified under HS codes 7219.32.00, 7219.33.00, 7219.34.00, 7219.35.00, 7219.90.00, 7220.20.10, 7220.20.90, 7220.90.10, and 7220.90.90.
This AD duty was first imposed in October 2014 and was extended by an additional five years from October 26, 2019.
Deadline extended for producers to answer anti-dumping questionnaire on prestressed steel cables
The Trade Remedy Agency under the Ministry of Industry and Trade (MoIT) has just extended the deadline for domestic producers and importers to submit their answers to the questionnaire related to Vietnam's anti-dumping investigation into prestressed steel cable products originating from China, Thailand and Malaysia (case code: AD17).
According to the agency, the MoIT on July 5 issued a decision and attached notice on the investigation and application of anti-dumping measures against prestressed steel cable products from the three countries. On July 20, 2023, the agency sent to domestic manufacturers and importers the investigation questionnaire in this case with the deadline to submit their responses before 5 pm on August 26, 2023. However, on August 25, the agency received an official letter from Minh Duc Construction Materials and Equipment Joint Stock Company calling for the deadline to be extended because of the large amount of information that needs to be provided.
Responding to the enterprise’s request, the Trade Remedy Agency agreed to extend the deadline to 5 pm on September 15, 2023 (Hanoi time). After the above time limit, the investigation authority may use the available data following the provisions of the law on trade remedies.
For other contents, the agency recommended that companies follow the instructions in the survey questionnaire issued together with Official Letter No. 545/PVTM-P2 dated July 20, 2023.
T.Huong
Source: Vitic/VNA/Yieh