(HSV VIETNAM GROUP) – In Vietnam, the third quarter was recorded as the first quarter of production and consumption growth compared to the same period last year. In the fourth quarter, steel consumption is expected to continue to grow thanks to public investment projects.
Worldsteel said world crude steel output of 64 countries reached 152.6 million tons in August 2023, up 2.2% over the same period last year. The highest growth rate comes from Africa (8.2%), followed by Asia and Oceania (2%), Middle East, Russia..., while other regions record negative growth compared to the same period in 2022.
In China, daily crude steel output increased further in early September, a trend that could make it difficult for the country's steel industry to maintain 2023 output below 2022 levels as the government had sought.
In India, finished steel consumption increased 18% in September due to strong demand from government infrastructure projects, while exports fell 73% amid weaker international demand. Finished steel consumption last month rose 18% from last year to 11.2 million tons, while output rose 13% to 10.9 million tons.
Regarding price movements, the first 9 months of 2023 witnessed fluctuations in steel production raw material prices increasing in the first quarter, adjusting downward in the second quarter, remaining stable in the third quarter and tending to increase in the fourth quarter.
The OECD has expressed concern about a downturn in the global steel market, which is due to overcapacity due to government intervention. It is expected that by 2026, an additional 150 million tons of new capacity will be put into operation.
In Vietnam, the third quarter was recorded as the first quarter of production and consumption growth compared to the same period last year. In the fourth quarter, steel consumption is expected to continue to grow thanks to public investment projects.
Ha Diem HSV