Vietnamese steel giant Hoa Phat Group reported that weakening demand has led to sluggish sales of its products since early this year.

Giant steel maker Hoa Phat Group (HPG) recorded a net loss of more than VND 2 trillion (USD 85.3 million) in the fourth quarter,

Stagnant real estate market and tightened monetary policy will affect steel consumption this year.

Steel production and consumption in the first eleven months of 2022 fell 11.3 percent and 6.8 percent, respectively, year-on-year.

VNDirect expects that the gross profit margin of steel companies will soon recover when most of the high-priced inventory has been recorded

Steel demand in China has already stagnated because of the downturn in the real estate industry. Many industries experts have lost hope.

Despite the pandemic, the steel industry still posted a rise of 11.3 per cent in steel export to reach US$5 billion with a volume of 4.4 mil

Domestic steel prices adjusted down. Domestic consumption in the month decreased compared to Oct.

Sales in the month of VSA members also prospered thanks to a strong increase in domestic consumption (>30%) compared to the previous month