Saturday, July 20,2024 - 19:21 GMT+7  Việt Nam EngLish 

Vietnam steel market update at the end of June 

 Wednesday, July 10,2024

AsemconnectVietnam - The Asian Development Bank (ADB) forecasts Southeast Asia's economic growth at 4.6% in 2024 and 4.7% in 2025, up from 4.1% in 2023, with Vietnam, the Philippines, Cambodia, and Indonesia leading. The Southeast Asia Iron and Steel Institute (SEAISI) predicts a 3.7% increase in regional steel demand to 76.5 million tons in 2024.

Vietnam's economy, resilient since its 1985 economic reforms, saw a GDP of US$430 billion in 2023, supporting steady steel demand. Major steel producers include Hoa Phat Group and Formosa Ha Tinh Steel.
In April 2024, Vietnam's steel exports rose by 14.4% year on year, while imports increased by 24.3%. Vietnam remains the top destination for Chinese steel, with imports up by 69.5% to 9.25 million tons in 2023.
Hoa Phat delivers over 500 containers to world’s leading container leasing firm
Steel giant Hoa Phat Group said it has delivered the first batch of 500 40ft high cube container to US-based SeaCube Container Leasing – one of the world’s leading purchasers and lessors of refrigerated containers.According to Director of the Hoa Phat Container Production Joint Stock Company Vu Duc Sinh, the handover affirmed the company’s prestige in the sector and opened up long-term cooperation with SeaCube, contributing to meeting the increasing demand in the international ocean freight shipping market.
Hoa Phat and SeaCube which boasts an international operation network hope for continued cooperation in the coming time, he added.
During his working trip to the Hoa Phat container production facility, Vice President of SeaCube Operations and Procurement Jorge P.Dias highlighted SeaCube’s great demand for containers in Vietnam, which meet international technical requirements for cross-border shipping, and hoped that the two sides will seal a larger deal in the coming time.
MoIT launches anti-dumping probe into galvanised steel originating from China, RoK
The Ministry of Industry and Trade (MoIT) has requested an investigation and application of anti-dumping measures against some galvanised steel products originated from China and the Republic of Korea (RoK).
The decision to conduct an investigation was issued based on the results of the appraisal in accordance with the provisions of the law on trade defence for the dossier requesting investigation to apply anti-dumping measures, which was submitted on May 3 this year by enterprises representing the domestic manufacturing industry, including five companies.
They are Hoa Sen Group, Nam Kim Steel Joint Stock Company, Southern Steel Sheet Co. Ltd., Dong A Steel Corporation, and China Steel and Nippon Steel Vietnam Joint Stock Company.
Hoa Phat & Cambodia's Chip Mong Group sign MoU to export construction steel to Cambodia
Vietnam's Hoa Phat and Cambodia's Chip Mong Group signed a memorandum of understanding (MoU) on June 28, 2024, aimed at exporting construction steel to Cambodia. The agreement spans from July 1, 2024, to December 31, 2024.
Hoa Phat has exported steel to nearly 40 countries across five continents and is committed to supplying construction steel products to meet Cambodia's market demand. Beyond steel, the agreement is seen as a platform for collaboration where both companies can leverage their strengths. Hoa Phat looks forward to offering its products through Chip Mong's retail network in Cambodia's commercial centers.
Extends second AD review period for China’s H-beam products
According to the report, the Ministry of Industry and Trade of Vietnam launched a second anti-dumping (AD) investigation into H-beam products from China last year.
To objectively evaluate the case, Vietnam extended the AD review period for China’s H-beam products for an additional 3 months to September 5, 2024.
AD investigation on galvanized steel products from China & South Korea
On June 14, 2024, the Ministry of Industry and Trade of Vietnam announced that it had launched an anti-dumping (AD) investigation on galvanized steel products originating from China and South Korea in response to the application submitted by domestic companies, Hoa Sen Group, Nam Kim Steel Joint Stock Company, Southern Steel Sheet Co. Ltd., Dong A Steel Corporation, and China Steel and Nippon Steel Vietnam Joint Stock Company. The investigation period is from April 1, 2023, to March 31, 2024. The damage investigation period is from April 1, 2018, to March 31, 2024.
The HS code for subject products are 7210.41.11, 7210.41.12, 7210.41.19, 7210.49.11,7210.49.14, 7210.49.15, 7210.49.16, 7210.49.17, 7210.49.18, 7210.49.19,7210.50.00, 7210.61.11, 7210.61.12, 7210.61.19, 7210.69.11, 7210.69.12, 7210.69.19, 7210.90.10, 7210.90.90, 7212.30.11, 7212.30.12, 7212.30.13, 7212.30.14, 7212.30.19, 7212.30.90, 7212.50.13, 72 12.50.14, 7212.50.19, 7212.50.23, 7212.50.24, 7212.50.29, 7212.50.93, 7212.50.94, 7212.50.99, 7212.60.11, 7212.60.12, 7212.60.19, 7212.60.91, 7212.60.99 , 7225.92.90, 7226.99.11 and 7226.99.91
T.Huong
Source: Vitic/VNA

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