Tuesday, October 26, 2021 4:17:59 AM - Markets open
VN-INDEX 1,385.40 -3.84/-0.28%
HNX-INDEX 395.88 +4.68/+1.20%
UPCOM-INDEX 100.92 +0.56/+0.56%
Việt Nam's steel sales increase due to exports
Vietnam News - 9/6/2021 3:05:09 PM
 (0 ratings. You must sign in to rate.)
Steel enterprises have boosted exports while facing difficulties in domestic consumption due to the COVID-19 outbreak, according to the Vietnam Steel Association (VSA).
 
The association said steel production in July reached nearly 2.4 million tonnes, down 6.48 per cent compared to the previous month, while steel consumption was about 2.1 million tonnes, the same volume in June and up 7.4 per cent year on year.
 
Of which, steel exports reached 658,207 tonnes, an increase of 5.96 per cent month on month, and 55 per cent year on year.
 
Trang Thu Hà, chief of VSA Administrative Office, said the domestic steel industry has faced difficulties in production and sales due to the impact of the COVID-19 pandemic and the weather.
 
Construction work was temporarily postponed in the first seven months of the year, leading to difficulties in the domestic steel market, especially in the southern region.
 
Construction steel sales in the first seven months increased by 6.4 per cent year on year, of which, exports rose by 25.4 per cent.
 
Meanwhile, hot rolled coil production reached more than 590,000 tonnes in July, down by 1.21 per cent month on month but increased by 85.4 per cent year on year. Consumption of this product reduced by 6.8 per cent to 559,487 tonnes but this figure surged by 82.7 per cent over the same period in 2020.
 
Consumption of colour-coated metal sheets in July reached 428,084 tonnes, down 6.58 per cent month on month, though up 18.8 per cent year on year. This figure included 300,404 tonnes for export, up 84.2 per cent over the same period in 2020.
 
Hoa Sen and Nam Kim Group were leading in steel consumption in the first seven months. Hoa Sen sold nearly 1.1 million tonnes, holding 36.7 per cent of the domestic market share. Nam Kim sold more than 498,000 tonnes, ranking second with 16.8 per cent of market share.
 
The Hòa Phát Group's galvanised sheet and steel pipe products also recorded a strong increase because of the recovery in demand of those products in the US and Europe.
 
Due to the difficulties in the steel product consumption in the domestic market, steel enterprises have promoted steel exports to maintain production.
 
Hà said that in 2020, the domestic steel production industry maintained operations due to good control of the pandemic.
 
However, with the complicated development of the outbreaks this year, many provinces and cities have been implementing social distancing measures and even had to stop temporarily many activities, weakening the domestic market demand in June and July.
 
“Therefore, the association forecasts that steel consumption in the third quarter will not be better. The business result in the fourth quarter will also depend on the pandemic prevention and control," Hà told the Vietnam News Agency.
 
With the complicated development of the pandemic in the southern provinces and cities, the association expects that steel production and consumption by year-end would continue to see difficulties, she said.
 
However, "domestic consumption and steel exports could recover further by the end of this year if the pandemic is controlled well at home and abroad," she said.
 
Meanwhile, the Ministry of Industry and Trade has requested the association and enterprises producing and exporting iron ore, iron and steel to review input materials for reducing production costs and selling price in the process of stabilising steel production and the domestic steel market at present. — VNS
 
Read original article here
 
Newer News
23/10 Steel producers report strong growth in profits despite COVID-19
21/10 Steel exports surge 78.1 percent in nine months
21/10 Vietnamese rice exporters see great opportunities
18/10 Vietnam to join world's top five seafood processing countries by 2030
15/10 More than $10 billion per year to develop the power sources and grid in the 2021-2030 period
14/10 Vietnam likely to achieve rice export target this year
13/10 Tax cut proposed to stabilise domestic petrol price
12/10 FDI inflow into Vietnam still on upturn trend
08/10 Vietnam works towards responsible, sustainable fishery sector
06/10 Vietnam’s GDP growth may reach 8 percent in 2022: DBS
Older News
06/09 Canadian businesses believe in Vietnam’s medium-term economic outlook
01/09 Standard Chartered Vietnam increases charter capital, reinforcing its local commitment
30/08 Vietnam posts 3.71 billion USD in trade deficit in eight months
25/08 Vietnam forecast to grow by 4.8 percent in 2021: World Bank
24/08 MoIT sustains anti-dumping duty on Malaysia’s H-shaped steel
23/08 FDI companies raise concerns over supply chain disruptions ​​​​​​​
20/08 Minister: slow public capital disbursement could cause loss of economic opportunities
18/08 Vietnam strives to keep CPI growth low by end of 2021
18/08 Steel prices hit new high after a series of rapid increases
17/08 Steel prices hit new high
 
Newsletter Signup
Top Stories
Transport ministry allows increase of domestic flight frequency from October 21
VIC: Vinfast & Europe's AUTOBEST enter new strategic partnership
Energy stocks benefit from higher oil prices
Vietnam’s GDP up 1.42 percent in nine months
VCS: Vicostone's Q3 pre-tax profit estimated to reach 80% of yearly target
Market Update
Last updated at 3:05:04 PM
VN-INDEX 1,385.40 -3.84/-0.28%
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.