According to the Vietnam Steel Association, in September this year Vietnam’s steel production totaled 1.97 million mt, down 5.23 percent compared to August and remaining almost stable compared to the same period of the previous year. Decline in steel production signals about worsening of the situation in the local steel market as local mills faced high costs and tight competition with imports, while consumption stayed at relatively high level. According to SteelOrbis, import hot rolled coils prices in Vietnam have plunged $30-35/mt since the beginning of September.
In the given month, the country’s steel sales reached 1.8 million mt, decreasing by 0.59 percent month on month and remaining flat year on year. Out of total sales, steel exports reached 364,719 mt, down 2.55 percent compared to August and decreased by 4.8 percent compared to the same period in 2018.
In September, excluding hot rolled steel production, the growth rate of production and sales of steel products is approximately the same compared to the corresponding month of 2018.
During the first nine months of the current year, steel production in Vietnam increased by 6.7 percent to 18.84 million mt, while steel sales rose by 8.5 percent to 17.3 million mt, both compared to the same period of the previous year.