Vietnam's steel sector saw a high growth rate in the first nine months of the year. (Photo: moit.gov.vn)
Hanoi (VNA) - Thelocal steel sector saw a high growth rate in the first nine months of the year,despite difficulties, said the Vietnam Steel Association (VSA).
The VSA’s data showed thatfrom January to September, the country’s steel output was 15.4 million tonnes,posting a 24.2 percent year-on-year increase. Steel consumption also rose by20.5 percent from the same period last year.
The steel output inSeptember alone reached 836,624 tonnes, increasing 19 percent from thecorresponding period last year and 18 percent from the previous month.
The steel consumption lastmonth dropped 6.5 percent from the previous month to 740,565 tonnes, butrepresented a 16.5 percent year-on-year rise. Therefore, steel inventories inSeptember rose 28 percent from the previous month to 579,342 tonnes.
Prices of steel billet forproduction fluctuated at 525-530 USD per tonne, reducing 15 percent from thebeginning of last month. In the third quarter of the year, the steelbillet price rose 90 USD per tonne in comparison with the second quarter.
However, the constructionsteel price did not increase, remaining stable at 12.5 million VND (550USD) pertonne in the north and 13.5 million VND (594 USD) per tonne in the south.
The average capacity of thedomestic steel sector has been at 70 percent to avoid high inventory.
Vietnamese steel producersare still facing pressure from imported steel. In the first eight months of theyear, imported steel reached 13.5 million tonnes worth some 7 billion USD,reducing 22 percent in terms of quantity but reporting a 3.8 percent increasein terms of value, in comparison with the same period last year.
The decreasing importamount was mostly seen at cold rolled steel coil, as Formosa Ha Tinh SteelPlant has been able to produce the steel.
In addition, the tradedefence measures on some steel products of coated steel, alloyed steel andsteel bar have helped reduce imports.
Producers of constructionsteel and others are still facing fierce competition from imported products tomaintain their market shares.
Local steel producers,therefore, need to keep a close control on the quality of imported steel tomake the market healthy.
Many domestic steelproducers have been actively investing in modern technologies and expandingmarkets to improve their products’ quality to attract foreign customers. -VNA
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Vietnam's steel sector saw a high growth rate in the first nine months of the year. (Photo: moit.gov.vn) 
