Vietnam’s Formosa Ha Tinh Steel Corporation (FHS) decided to cut production by 5% at its upstream blast furnace due to stagnant demand in the domestic market, meanwhile storing semi-finished slab products in response to various market conditions in the future.

Besides, Nippon Steel’s Nagoya Works has also postponed the restart of its blast furnace, which will help stabilize the performance of steel prices.

Amid the current weak demand, Chaodong Weng, chairman of Taiwan’s China Steel Corporation (CSC), said that CSC is steadily producing as planned. Due to the recovery in China’s steel market, he is confident in the third-quarter outlook.

Chaodong Weng said that CSC’s orders received in July and the third quarter are not bad, and he expected that the steel market will rebound in August at the latest.