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Steel market in 2017: Concerns over supply from China
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Inventories of raw materials for steel production at Chinese ports have risen to their highest level since mid-2014 back here. Therefore, oversupply will be an obsession of the Asian steelmakers in general and Vietnam in particular in 2017, as well as next year.
In the first trading day this week, term iron ore in China is still in a strong downtrend, while continuing to reduce the more than 7% compared with the previous week, due to inventories of raw materials has not stopped rising steel production.
Iron ore inventories at major ports in China reached 111.55 million tons, according to figures released by the consultant SteelHome, the highest level in more than 2 years.
Analysts said that iron ore supply is still very large, and the Chinese are trying to reduce sharply the yuan before the new term of the new US president Donald Trump officially started (Day 20/1 / 2017), will make steel and raw materials from China stronger presence in foreign markets.
Fitch's latest forecast on China's steel consumption in 2017 at about 700-705 million tonnes. Although Beijing conducted Steel capacity cuts, but the pressure of oversupply will force Chinese steel enterprises seek ways to export and Southeast Asia is becoming an important geographical areas absorb this excess steel .
The steel products in China are suffering from the anti-dumping duty in the US and Mexico, Europe also tends to protect industry in the continent ... is the move that Vietnam's steel industry notes. Not exclude the import market will consider the imposition of anti-dumping with Vietnam Steel, on concern China Steel Vietnam as a transit point to export to foreign markets.
Meanwhile, data from the Vietnam Steel Association (VSA) shows, there is a huge challenge for the command export-import commodities, 2016. Specifically, the total volume of steel products and semi-finished products imported into Vietnam more than 10 months to reach 15.8 million tonnes, with a total import value of over US $ 6.62 billion. While steel exports Vietnam reached more than 3.4 million tons, export turnover reached 1.99 billion USD.
For the domestic market, the VSA said that steel consumption depends heavily on the growth rate of GDP in 2017. With 6.7% growth target set by the National Assembly, the steel industry is expected to increase 10-12% growth in 2017.
Specifically, the total output of steel production in the country is estimated to consume about 16 million tons, accounting for half the total consumption of the country, the rest is imported steel. Notably, in the period 2016-2017, there will be 10 steel projects are put into operation.
This would make the market more fiercely competitive, especially when the "big" as Hoa Phat vowed to keep and increase market share at any cost. 2017 production plans have not been announced Hoa Phat, but business leaders said this once, in 2017, they set a target total sales volume of 2.5 million tons, up 300,000 tons compared to 2016.
Despite the fierce market competition, but with the goal of massive infrastructure investment by the Government and the prosperity return of the real estate market, Vietnam's steel industry has to impress thanks to the development of international strong in recent years. These motions are attracting the attention of investors at home and abroad.
This is why consulting firm decided Kallanish Commodities City is the venue for the Annual Conference "Steel Markets Asia 2017" in May 3/2017 and is the first organization in Vietnam.
Accordingly, the data in order to concretize the oversupply concerns, the ability of countries to apply technical barriers to stop cheap Chinese steel influx, as well as the trend of iron ore raw materials in the world ... will be the topics to be discussed at this conference.
Chinese steel enterprises to export products, in addition to enjoying the subsidies, export tax rebates, while taking advantage of gaps in regulation standards for fraud alloy steel engineering and trade, in order to enjoy the tax rate deals of the importing country.
In essence, the steel "alloy" containing chromium boron or just normal construction steel, due to physical-mechanical properties not make any difference. When exporting, Chinese steel enterprises are VAT refund 13%, 9% export subsidy. The biggest advantage of Chinese steel is cheap, in the name of high-quality alloy steel, but cheaper price than normal construction steel in the country.
according to VSA
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18/8/2025
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