Le Hai Thanh, an analyst at MBS, said, “Steel is a sector with existing recovery prospects, thanks to the global steel price increase, warming demand in the domestic market, and the potential for heightened profit margins as input factors such as coal and ore are predicted to decrease slightly.”
FPT Securities also suggests that 2024 is poised to be a prosperous one for the Vietnamese steel industry, with domestic market consumption expected to reach 18.6 million tonnes, marking an 8.7 per cent increase compared to 2023. This would signify the first positive growth in steel consumption within the domestic market after two consecutive years of decline.
The growth is attributed to a robust push in public investment, exemplified by the initiation of 12 public projects by the Ministry of Transport at the end of 2023.
Furthermore, the MoT is gearing up to launch at least 19 transport projects in 2024, continuing its efforts to bolster transportation infrastructure. These initiatives include upgrading the Khe Net pass railway route on the Hanoi-Ho Chi Minh City railway line, enhancing the Quy Nhon channel for 50,000DWT ships, and implementing an aviation scheme to construct an information system for managing vehicles and air traffic infrastructure.
US employment data falls short of expectations, aluminium ingot continues destocking trend this week
