It is expected that in 2022, the situation of steel production and sales may slow down when there is a holiday for the Lunar New Year, the possibility of the COVID-19 epidemic developing difficult. Crude steel production growth will be around 8-10%; production and consumption of finished steel products have corresponding growth compared to 2021.
According to World Steel Association (Worldsteel) data, world crude steel production of 64 countries was 145.7 million tons in October, down 10.6% year on year. Generally, in the first 10 months of 2021, crude steel production reached 1607.1 million tons, up 5.9% over the same period in 2020.
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World crude steel production to October 2021 (Source: World Steel)
In particular, China continued to record a sharp decrease in output in October, reaching 71.6 million tons, down 23.3% compared to October 2020. Meanwhile, other major crude steel producing countries such as India, Japan, the US, Russia, South Korea, etc. increased from 5.7% to 10.6%.
In Vietnam, in November, ministries, branches and localities make efforts to focus on implementing solutions, removing obstacles, and speeding up the implementation of public investment projects and works. In which, the situation of construction steel production achieved good results compared to the previous month and the same period in 2020, however, sales volume in the month decreased.
According to VNDirect’s 2022 steel market prospect strategy report, this securities company forecasts that Vietnam’s construction steel price will reach VND15,500/kg in 2021, up 38% year-on-year, before falling. the level of 14,300 VND/kg-13,600 VND/kg in 2022-2023, down 8%-5% respectively over the same period. Although steel prices fell, VNDirect believes that higher demand will compensate for lower selling prices.
According to the forecast of the Vietnam Steel Association (VSA), it is expected that in 2022, the situation of steel production and sales may slow down when there is a holiday for the Lunar New Year, the possibility that the COVID-19 epidemic will develop difficultly. towel. Crude steel production growth will be around 8-10%; production and consumption of finished steel products have corresponding growth compared to 2021.
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