In June this year, steel production in Vietnam declined both month on month and year on year, signalling that the market has not improved after the pandemic. But imports posted an increase compared to May.
Production of steel in Vietnam totaled 1.95 million mt in June, down 6.17 percent compared to the previous month and down 5.9 percent from the same month last year, according to the Vietnam Steel Association. Steel sales went down by 7.19 percent month on month and by 6.1 percent year on year to 1.76 million mt.
At the same time, according to customs data, total iron and steel imports arriving in the country reached 1.19 million mt in June, up by 14.3 percent compared to May.
In the first half of the year, imports posted a slight decline of 6.2 percent to 6.7 million mt and production of steel was also down, by 8.1 percent to 11.6 million mt, both year on year.
The Vietnam government is pushing for the resumption of more construction activities after the stoppages because of the pandemic earlier this year, and it is expected that steel consumption will be much higher in the second half than in the first half, though Vietnamese finished steel producers will have to resolve many problems, including a lack of liquidity.
