China's steel sector has recorded significant growth since late September following the central bank's supportive actions for the real estate market. This has caused prices to rise as steel demand has increased.
Similar growth is expected in Vietnam. Competing with weak demand and competition from imports from China, Vietnam has seen steel prices increase as of September. In particular, ongoing anti-dumping investigations against imports of hot rolled coils from China and India led buyers to switch to local products. Moreover, increasing public investments are expected to boost steel demand.
In Taiwan, new truck weight restrictions create uncertainty for scrap buyers, while demand for automotive steel remains strong. This may help keep prices stable despite the sluggishness in the automotive sector.
South Korea, on the other hand, is struggling to cope with weak domestic demand and has suffered the biggest loss among the ten largest steel producers, with a 5.5 per cent drop in steel output in the first eight months of 2024.
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