Steel price today May 26: Continued decrease due to concerns about US imposing EU tax

The global stainless steel market on May 26, 2025 is showing signs of stability, with some notable developments:

As of the end of May 2025, the global stainless steel market is facing many fluctuations, directly affecting the stainless steel industry in Vietnam. Below is an overview of the current situation and its impact on the domestic market.

Global Stainless Steel Market
Supply and Demand and Price Pressure

• Pressure from excess supply: The global stainless steel market is being affected by excess supply, especially from China, where stainless steel production continues to increase despite weak domestic demand. This has led to exports of stainless steel to other markets, putting pressure on global prices.
• Impact of US tariffs: The US has imposed a 25% tariff on imported steel and aluminum, affecting the global supply chain. However, Vietnam is not on the tax exemption list, which may affect Vietnam's stainless steel exports to the US.

Growth Prospects

• Growth Forecast: The global stainless steel market is forecast to reach a value of US$320.37 billion by 2032, with a compound annual growth rate (CAGR) of about 5%.
• Investment in green technology: Demand for stainless steel produced from recycled materials and low-carbon production technology is increasing, especially in Europe and North America.

Impact on Vietnam's Stainless Steel Market
Import Trends and Prices

• Domestic stainless steel prices are stable: In Vietnam, domestic stainless steel prices are currently quite stable, with no significant fluctuations.
• Impact from US tariffs: The US imposition of a 25% tariff on imported steel may affect Vietnam's stainless steel exports to the US, although Vietnam is not on the tax exemption list.

Opportunities and Challenges

• Opportunities from domestic demand: Demand for stainless steel in the construction, automotive and electronics industries in Vietnam is increasing, creating opportunities for domestic manufacturers.
• Challenges from international competition: Imports of cheap stainless steel from countries such as China may put pressure on domestic manufacturers in terms of price and product quality.

Future Outlook

• Investing in green manufacturing technology: Switching to stainless steel production from recycled materials and using low-carbon technology will help Vietnam meet the growing demand for environmentally friendly products.
• Enhancing international cooperation: Participating in free trade agreements and cooperating with international partners will help Vietnam expand its export markets and improve its competitiveness.