Vietnam’s steel output and consumption have plunged in recent months, and the situation is predicted to linger until the second quarter of next year. The Vietnam Steel Association said in its latest report that output of finished steel products in October had slid 16% MoM and 29% YoY to about 2 million tonnes while steel sales edged down 6% MoM and 29% YoY to about 1.9 million tonnes.From January to October, Vietnam’s steel industry produced about 25 million tonnes of finished steel and sold 23 million tonnes, down 9% YoY & 6% YoY respectively.VSA said “The hardships will linger on in the last quarter of the year and may extend to the second quarter of next year due to a gloomy export outlook, fierce competition between steelmakers, interest rate hikes and exchange rate volatility.”
Vietnam’s steel output and consumption have plunged in recent months, and the situation is predicted to linger until the second quarter of next year. The Vietnam Steel Association said in its latest report that output of finished steel products in October had slid 16% MoM and 29% YoY to about 2 million tonnes while steel sales edged down 6% MoM and 29% YoY to about 1.9 million tonnes.From January to October, Vietnam’s steel industry produced about 25 million tonnes of finished steel and sold 23 million tonnes, down 9% YoY & 6% YoY respectively.VSA said “The hardships will linger on in the last quarter of the year and may extend to the second quarter of next year due to a gloomy export outlook, fierce competition between steelmakers, interest rate hikes and exchange rate volatility.”
