The steel market is likely to recover in the third and fourth quarters of this year thanks to augmented efforts to disburse public investment and credit packages for social housing projects, along with positive signs of the Vietnamese economy, said Vice Chairman of the Vietnam Steel Association (VSA) Doan Danh Tuan.

VOV.VN - With the Government’s efforts to accelerate the disbursement of public investment, credit packages for social housing projects, and positive signs for the Vietnamese economy, the steel market is likely to rebound ahead in the third and fourth quarters of the year, according to industry insiders.

The price of construction steel is on the rise despite the fact that the demand for this type of construction material remains weak, insiders have said.

A delegation of the Committee for Management of State Capital at Enterprises (CMSC) will meet with leaders of the China Metallurgical Group Corporation (MCC Group) in Beijing on March 18 to discuss the stagnant second-phase expansion of the Thai Nguyen iron and steel plant (Tisco 2).

The International Trade Practices Unit (UPCI) of Mexico’s Ministry of Economy has decided to adjust the tax rate imposed on galvanised steel imports from Vietnam, according to the Ministry of Industry and Trade (MoIT).

VOV.VN - Hoa Phat Group, Vietnam’s largest steel maker, said that it has received several export orders during the opening month of the year from markets such as the United States, Canada, Mexico, Puerto Rico, Australia, Malaysia, and Cambodia.

Domestic steel demand is expected to keep falling due to the property market slump and tightened monetary policy, economic downturn in many export markets and a rise in supply making the outlook for the industry in 2023 poor, analysts said.

Hoa Phat Group has signed a contract to export 10,000 tonnes of steel wire in coil form to Europe.

Foreign Ministry spokesperson Le Thi Thu Hang has reiterated Vietnam's consistent stance that protecting the living environment and people's health is always the top goal, without sacrificing the environment for economic growth, in response to the information that some US congressmen sent a letter of protest to the Taiwanese (China) authorities saying Vietnam's handling of the Formosa case was not satisfactory.

The UK – Vietnam Free Trade Agreement (UKFTA) was providing significant opportunities for Vietnam to expand the export of steel and iron products in the UK.