Vietnam to double billet production in 2006

Vietnam to double billet production in 2006

According to the Vietnam Steel Association, Vietnam is expected to increase its steel billet production by 122 percent year on year to 1.9 million tons in 2006. More than doubling its output next year should help the country meet 40 percent of domestic demand. China, Russia, Ukraine and Malaysia will be counted on for nearly 2.5 million tons of steel billets to help satisfy the 2.9 million ton shortfall between domestic production and demand. In the first three quarters of 2005, Vietnam imported nearly 1.7 million tons of steel billets worth a total of $647 million. Imports were up 7.8 percent tonnage wise and 9.3 percent in terms of value year on year. Vietnam will consume an estimated 3.5 million tons of steel billets in 2005.