Vietnam's steel market on the up
Vietnam's steel market showed growth in both production and business in the first 11 months of this year, according to the Vietnam Steel Association (VSA).
In the first 11 months of this year, total output of building steel gained a year-on-year increase of 30.1% to reach 6.1 million tonnes, the association said. This was the highest average growth rate of steel in recent years. Meanwhile, steel consumption saw a year-on-year surge of 24.3% to 5.9 million tonnes of steel in the first 11 months of the year.
Vietnam Steel Corporation and Hoa Phat were the two leading manufacturers in the local steel market, with an output of 1.35 million tonnes and 1.27 million tonnes of steel, respectively.
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The association reported in November that steel makers manufactured 1.3 million tonnes, 28% higher than the same period last year, including 627,700 tonnes of building steel. Meanwhile, the volume of consumption of building steel surged by 30% year-on-year to 593,000 tonnes.
In November production, consumption and exports of galvanised sheets fell compared to October, though it grew in comparison with the same period last year, the association reported.
In November, output of galvanized sheets reached 290,000 tonnes, 5.2% lower than October, but 39% higher than the same period last year. Sales of galvanised sheets stood at 197,600 tonnes, 4% lower than October, but 23% higher than the same period in 2014.
Nguyen Van Sua, VSA deputy chairman, said recovery on the local property market had created positive impacts on steel consumption in the domestic market.
But, the local steel industry still faces competition from cheap steel products from China, he said, therefore the industry expects the relevant offices to maintain barriers to reduce difficulties for steel enterprises.