Vietnam steel market update: Price decreased slightly
Wednesday, September 20,2023![](/weblocalfiles/huong/thang9nam2023/209202310529taixuong.jpg)
AsemconnectVietnam - Vietnam's Formosa Ha Tinh (FHS) has revised HRC offers lower (SAE 1006, skinpass) for late Oct-early Nov'23 by around $13/tonne CIF m-o-m. Post revision, prices for skinpass HRC are in the range of $593-597/t CIF, depending on size of orders.
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The Vietnamese steel inventories suddenly dropped in Q2/2023
According to an estimate, the total steel inventory of the Vietnamese enterprises on the stock exchange is worth about 61,000 billion dong (approximately 2,5 billion USD). Compared to the beginning of the year, the total inventory suddenly dropped sharply by VND 7,000 billion, which is also the lowest milestone in the past nine quarters.
Until now, all Vietnamese steel enterprises have announced their business performance in the second quarter of 2023, and an overview of the domestic steel industry in the first half of 2023 is gradually revealed. According to statistics, the total Vietnamese steel inventory on June 30 was only about VND 61 thousand billion dong ( ~ 2,5 billion USD). Compared to the inventory in the first quarter, the current inventory has sharply decreased by 7000 billion VND (289 million USD). This is also the lowest since the first quarter of 2021.
In fact, after the period when inventories peaked at more than 110,000 tons in the second quarter of 2022, the domestic steel enterprises actively reduced their stockpiles. The top three steel companies showed a substantial decrease in inventories, including Hoa Phat, Nam Kim, and Hoa Sen with a decrease of 2300 billion dong, 1250 billion dong, and 1150 billion dong.
Hoa Phat Group’s steel sales grow in Aug m-o-m, y-o-y
Hoa Phat Group, the largest steel manufacturer in Vietnam, reported that the group’s steel sales, including construction steel, steel billets, and hot-rolled coil (HRC), totaled 558,000 tons in August, rising by 8% compared to the previous month and by 20% from the same month a year ago.
Among them, sales of construction steel reached 306,000 tons, a month-on-month increase of 18%, hitting the highest since the beginning of this year. HRC sales volume was 241,000 tons, down by 17% month on month.
Besides, the group’s construction steel exports totaled 98,000 tons, surging by 3.5 times month on month and hitting the highest in one year.
In the first eight months of this year, Hoa Phat Group produced 4.18 million tons of crude steel, a year-on-year drop of 25%. Steel sales also had a year-on-year decrease of 22%, coming to around 4 million tons.
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.
Vietnam plans to raise bauxite production
Vietnam’s Ministry of Industry and Trade said the government is planning to build three new bauxite mining locations in northern regions, including one in Lang Son province and two in Cao Bang province. The combined capacity will be able to reach 1.55-2.25 million tons per year.
Besides, the Vietnamese government will also explore the potential of mining 68-112.2 million tons of bauxite every year in four central highlands provinces.
Vietnam has bauxite reserves of 5.8 billion tons, ranking second in the world, according to US Geological Survey. Guinea ranks first with 7.4 million tons of reserves.
Vietnam will continue to invest in new mines and maintain or raise the mining operation capability, aiming for an annual mining volume of 72.3-118 million tons.
Vietnam preparing AD sunset review on cold-rolled stainless steel from 4 countries
On July 28, 2023, the Trade Remedies Authority of the Ministry of Industry and Trade of Vietnam announced that the anti-dumping (AD) measure on cold-rolled stainless steel products from China, Taiwan, Malaysia, and Indonesia will expire after one year. The authority has received the request for a review of this case.
The domestic interested parties have the right to submit an application on or before August 28, 2023.
This AD measure was officially implemented in October 2014. The result of the first sunset review was announced in October 2019, and the measure continued on October 26, 2019, valid for five years.
The products involved are classified under HS codes 219.32.00, 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.
T.Huong
Source: VNA
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