Recent industry news reveals that, Vietnam-
Australia joint venture steel company Vinausteel has reduced steel
production due to low demand. With Vinausteel, the number of steel companies reducing their
production increased to five in Vietnam.
According to statement released by Vietnam Steel Makers Association, steel demand in domestic market decreased by 35-40%.
Sales of Vietnam Steel Corporation in May decreased by 70% to 40'000 tons compared to April. Moreover, four Vietnamese steel producers VPS, Hoa Phat, Viet-Y and VinaKyoei closed their plants.