Steel consumption down 9.6 pct. in first seven months
Consumption of steel in the first seven months of 2020 fell 9.6 percent year-on-year to 12.37 million tonnes, according to the Vietnam Steel Association (VSA).
Hanoi (VNA) - Consumption of steel in the first sevenmonths of 2020 fell 9.6 percent year-on-year to 12.37 million tonnes, accordingto the Vietnam Steel Association (VSA).
Production output was down 6.9 percent year-on-year to 13.7 million tonnes.
Vietnam exported over 2.28 million tonnes during the period, a decline of 19.3 percentagainst the same period last year, VSA reported.
The global steelmarket is hoped to improve in the third quarter of the year but the ongoing COVID-19pandemic presents myriad challenges.
Vietnam has met with difficulties in selling steel in international markets dueto many countries remaining in lockdown mode and supply chains beinginterrupted.
The steel industry is also facing the effects of higher raw material prices, whichput substantial pressure on the production and business activities as well as theprofits of steel enterprises.
The VSA said Vietnamese steel exporters need tobe cautious about control over pre-engineered steel products exported tothe US, as this item has been given early warning status in regard to trade defencemeasures.
Such measures will continue to be imposed by foreignmarkets on imported products, especially steel, it noted.
Apart from meeting requirements in standards, techniques, and origin, Vietnamesesteel enterprises are also advised to pay more attention to trade defence provisionswhen exporting to markets such as the EU and the US./.
Vietnam’s steel production reached about 4.69 million tonnes in the first half of 2018, up 7 percent against last year, according to the Ministry of Industry and Trade.
Vietnam’s total steel export value in the first quarter this year rose 5.8 percent year-on-year to 744 million USD, the General Department of Vietnam Customs said on March 27.
Hoa Phat Group, a leading steel maker in Vietnam, shipped 191,600 tonnes of steel products aboard in the first nine months of 2019, rising 32 percent year on year and accounting for nearly 10 percent of its total sales.
Iron and steel exports to Germany saw significant increases in volume and value in the first quarter of this year, according to preliminary statistics from the General Department of Vietnam Customs.
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Illustrative image (Photo: VNA) 
