Local steel consumption plunges, exports skyrocket

Tuesday, September 21, 2021  09:28

Vietnam’s iron and steel exports witness robust growth in August (Photo: congthuong.vn)

VOV.VN - Despite domestic steel consumption dropping considerably due to the COVID-19 pandemic, Vietnam’s iron and steel exports in August recorded an upward trajectory, according to the General Department of Vietnam Customs. 

Vietnam exported a total of 1.53 million tonnes of iron and steel worth approximately US$1.5 billion, representing rises of 33.8% in volume and 35.2% in value month on month. The export value for August posted a 2.5-fold increase compared to the same period last year.

August saw Vietnam earn the highest export value of iron and steel this year and marked the second consecutive month that export turnover of the products has exceeded US$1 billion.

The country exported 8.54 million tonnes of iron and steel worth nearly US$7.1 billion throughout the opening eight months of the year, up 43.4% in volume and 127% in value year on year. Typically, about 2.7 million tonnes were exported to other ASEAN markets.

Despite iron and steel exports to China decreasing by 13.2%, exports of these products to the European Union and the United States witnessed 7.5-fold and 4-fold rises against the same period last year, respectively.

A high demand for iron and steel locally and overseas in the first months of the year has fuelled 8-month consumption of the products, mostly  hot-rolled steel coil, metal-plated, and color-coated corrugated iron.