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IMPROVED STEEL STRENGTHS FOR DEVELOPMENT IN THE COUNTRY

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The volume of imported steel in the first four months increased sharply, while the import value was almost unchanged, suggesting that steel prices have fallen sharply.
The report of the Ministry of Industry and Trade announced at a press conference on 6/5 shows that imports of various types of steel from the market in April increased 45.3% in volume but only up 4.6% in value compared with in the same period last year.
In the first four months of 2016, imports of all kinds of steel increased 59.2% in volume but also increased only 1.3% in value over the same period. This shows that the import price of steel has certainly dropped significantly compared to last year, putting pressure on the steel industry in the country.
However, the Ministry of Industry and Trade still thinks that the application of temporary safeguard measures for billets and long steel imported into Vietnam from March 2016 is working to prevent billets and steel prices. Cheap imports into Vietnam market.
According to the assessment, steel industry in the country has encountered many difficulties in the early months of 2016 due to the massive imports of steel from abroad, especially from China. Fierce competition, difficult consumption, low selling price affect the efficiency of production and business of many domestic enterprises.
While the volume of imports increased sharply, domestic steel production grew at a much lower pace.
The report shows that in the first four months of 2016, crude steel production reached nearly 1.5 million tons, up 18.4% over the same period last year, rolling mill production reached nearly 1.6 million tons, up 21.9%; Production of bar steel, angle steel reached over 1.5 thousand tons, up 27.6% over the same period.
The market has recovered more positively in March and April due to increased demand, domestic steel prices also increased in line with the rising trend of world steel market. Accordingly, the domestic steel producers are also promoting production and consumption to meet the market demand.

 

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