Industry News

Steel consumption down 9.6 pct. in first seven months

Views : 445
Update time : 2020-08-17 20:58:15
Hanoi (VNA) Consumption of steel in the first seven months of 2020 fell 9.6 percent year-on-year to 12.37 million tonnes, according to the Vietnam Steel Association (VSA).

Production output was down 6.9 percent year-on-year to 13.7 million tonnes.

Vietnam exported over 2.28 million tonnes during the period, a decline of 19.3 percent against the same period last year, VSA reported.

The global steel market is hoped to improve in the third quarter of the year but the ongoing COVID-19 pandemic presents myriad challenges.

Vietnam has met with difficulties in selling steel in international markets due to many countries remaining in lockdown mode and supply chains being interrupted.

The steel industry is also facing the effects of higher raw material prices, which put substantial pressure on the production and business activities as well as the profits of steel enterprises. 
The VSA said Vietnamese steel exporters need to be cautious about control over pre-engineered steel products exported to the US, as this item has been given early warning status in regard to trade defence measures.
Related News
Read More >>
Rising oil prices pressure Vietnam’s inflation control targets Rising oil prices pressure Vietnam’s inflation control targets
Mar .24.2026
Rising oil prices pressure Vietnam’s inflation control targets
South Africa raises AD duties on structural steel from China & Thailand South Africa raises AD duties on structural steel from China & Thailand
Mar .24.2026
South Africa raises AD duties on structural steel from China & Thailand
Rise and fall in LME aluminium: cash climbs to $3,329/t, stocks slip nearly 1% Rise and fall in LME aluminium: cash climbs to $3,329/t, stocks slip nearly 1%
Mar .24.2026
Rise and fall in LME aluminium: cash climbs to $3,329/t, stocks slip nearly 1%
Macro geopolitical risks have yet to subside, and aluminium prices have maintained a fluctuating pattern Macro geopolitical risks have yet to subside, and aluminium prices have maintained a fluctuating pattern
Mar .24.2026
Macro geopolitical risks have yet to subside, and aluminium prices have maintained a fluctuating pattern