Friday, December 13, 2019 5:11:34 AM - Markets open
VN-INDEX 968.17 +6.39/+0.66%
HNX-INDEX 102.71 +0.33/+0.32%
UPCOM-INDEX 55.52 +0.11/+0.21%
Steel products experience slow consumption in October
https://vietnamnews.vn/ - 11/16/2019 8:52:16 AM
 (0 ratings. You must sign in to rate.)
Consumption of steel products, especially colour-coated steel, declined in October while production continued to rise, according to the Vietnam Steel Association (VSA).
 
The VSA said construction steel production of its members reached 914,520 tonnes in October, up 10.05 per cent compared to September and similar to to the same period in 2018. However, consumption reached 867,356 tonnes, up 9.42 per cent compared to September but down 3.2 per cent compared to the same period last year.
 
The association also calculated that production of hot rolled steel products reached 353,420 tonnes, up 17.28 per cent compared to September and up 3.4 per cent over the same period in 2018, but consumption was only 291,850 tonnes, down 7.83 per cent and 1.5 per cent compared to September and the same period last year, respectively.
 
Similarly, cold rolled steel production reached 331,365 tonnes, up 1.96 per cent compared to September and equal to last year. Consumption reached 184,920 tonnes, a decrease of 6.72 per cent compared to September but an increase of 4.3 per cent compared to the same period last year.
 
Colour-coated steel production saw the sharpest decline in October, reaching 348,902 tonnes, an increase of 4.51 per cent compared to September, but down 15.3 per cent compared to the same period last year. Consumption reached 325,998 tonnes, an increase of 4.32 per cent compared to September but down 5.3 per cent year-on-year.
 
Exports declined 18.8 per cent compared to the same period in 2018 to 130,158 tonnes. In recent years exports of corrugated iron products had been on the rise. The decrease in consumption and increased production had caused problems for many enterprises, forcing them to lay off employees.
 
Ninh Thị Bích Thủy, general director of TVP Steel Joint Stock Company, said the consumption of corrugated iron faced difficulties due to local competitive pressure between local and imported products as well as from the US-China trade war which affected exports with stricter trade barriers.
 
Thủy told local media that tightened lending from banks for the realty market had also slowed down the construction industry, having a knock-on impact.
 
As of September 30, Việt Nam had exported more than 5.95 million tonnes of finished and semi-finished products, up 3.9 per cent in volume over the same period in 2018 but down 8 per cent in value, reaching over $3.9 billion.
 
Notably, exports of colour-coated steel products decreased by 22.5 per cent, while cold rolled steel dropped by 29 per cent.
 
According to the VSA, while exports fell sharply, imports had continued to increase year by year. As of September 30, imports of finished and semi-finished steel products reached more than 12 million tonnes, and total import turnover reached more than $8.2 billion. Most imported products came from China, Japan, South Korea, Taiwan and India.
 
A VSA leader said: “We are unable to see any improvements to current production and business.”
 
To help local steel producers, on October 29, the Ministry of Industry and Trade (MoIT) decided to apply anti-dumping duties on some colour-coated steel products originating from the Republic of Korea (RoK) and China.
 
The MoIT also extended anti-dumping duties on cold-rolled stainless steel products originating from China, Indonesia, Malaysia and Taiwan (China) for an additional five years, starting from October 26.  — VNS
 
Read original article here
Newer News
12/12 Vietnam facilitates trade with Russian firms: Deputy PM
06/12 Tra fish exports to Russia slump
03/12 Vietnam’s economy stays positive amid global growth slowdown: PM
01/12 E-commerce helps develop logistics property sector
27/11 Vietnam attracts 31.8 billion USD in FDI in 11 months
24/11 World Trade Centre to be built in Bình Dương New City
22/11 Vietnamese economy forecast to grow 7 percent during 2021-2025
20/11 Software firms are adding more value to their products
18/11 Steel products experience slow consumption in October
17/11 Household businesses to be regulated: NA deputies
Older News
13/11 Vietnam urged to promote circular economy
11/11 Vietnam’s exports estimated at 217.05 bln USD in 10 months
09/11 Livestock exports expected to fetch US$1.2 billion this year
07/11 Vietnam’s export tunover surges 7.4 percent in 10 months
03/11 Vietnamese telcos target 5G chipsets and devices
02/11 US forecasts bright outlook for trade with Việt Nam
02/11 EVFTA must bring benefits to people: INTA chief
29/10 Anti-dumping duties on steel products extended for 5 more years
26/10 VN needs foreign aid to develop renewable energy
25/10 VN needs foreign aid to develop renewable energy
 
Newsletter Signup
Top Stories
Vietnam facilitates trade with Russian firms: Deputy PM
Reference exchange rate down 4 VND on December 10
Reference exchange rate down 3 VND on December 6
Vietnam’s economy stays positive amid global growth slowdown: PM
Vietnam attracts 31.8 billion USD in FDI in 11 months
Market Update
Last updated at 3:10:00 PM
VN-INDEX 968.17 +6.39/+0.66%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Portfolio
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.