Steel exports set to enjoy robust growth in remaining months

Thursday, October 21, 2021  10:33

VOV.VN - The consumption demand and steel exports ahead in the remaining months of the year are anticipated to see robust growth thanks to numerous positive outcomes achieved during the first nine months of the year, according to a forecast made by the Vietnam Steel Association (VSA).

This comes as finished steel production during the nine-month period reached over 24.8 million tonnes, marking a rise of 34.1% against the same period from last year, while steel consumption of all kinds surged by 32.5% to approximately 22 million tonnes. Of the figure, steel exports of all types surged by 78.1% on-year to reach more than 5.7 million tonnes.

Finished steel production during the third quarter of the year also reached roughly 7.16 million tonnes, up 4%, while the consumption of finished steel products of all kinds hit over 6.2 million tonnes, representing a drop of 7% due to the adverse impacts caused by the COVID-19 pandemic.  

Despite this decline, robust export growth seen during the initial months of the year has helped the steel industry maintain a steady increase in recent times.

In line with this, the nation exported 10.6 million tonnes of finished and semi-finished steel products worth over US$9 billion to over 20 countries globally during the eight-month period, an increase of 40% in volume and a two-fold increase in value compared to the same period from last year.

A representative of the VSA revealed that there are bright prospects ahead for the Vietnamese steel market in the fourth quarter of the year due to the pandemic being brought under control, with steel exports being projected to enjoy strong growth this year.

Furthermore, the signing of numerous free trade agreements (FTAs) couple with the recovery of production and construction investment are set to be key factors in helping the local steel industry rebound in the year-end period.

According to the forecast set out by the World Steel Association, global steel demand will continue to recover next year due to high stockpiles of orders, along with the deployment of vaccination in numerous countries worldwide.