Producers cut billet production in Vietnam

It is reported that steel mills in Vietnam have had to cut production of billets due to slack demand in the construction sector. Reports indicate that most mills are currently sitting on billet stocks. Vietnam's export duty on billets is expected to be cut down to two percent in an effort to give impetus to trading activities; however, given the slow situation in the international markets, market players doubt such move will be sufficient as a first step to provide a solution to this problem.