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Steel sector sees recovery signals

The determination of the Government, ministries, sectors and localities to promote disbursement of public investment, and efforts taken to address difficulties and speed up the development of the real estate market are positive signs for the steel industry to regain growth momentum in the remaining months of 2023 and early 2024, according to insiders.
Steel sector sees recovery signals ảnh 1Illustrative image (Photo: VNA)
Hanoi (VNA) - The determination of the Government, ministries, sectorsand localities to promote disbursement of public investment, and efforts takento address difficulties and speed up the development of the real estate marketare positive signs for the steel industry to regain growth momentum in the remainingmonths of 2023 and early 2024, according to insiders.

Since March, the steel price has beenadjusted down 19 times, with the current price fluctuating around 13.7 millionVND (563.2 USD) per tonne, the lowest in the past 3 years.

The decreases were attributed to gloomyreal estate market, slow public investment disbursement, and fierce competitionfrom China.

According to the steel industry'sspecialist Nguyen Van Sua, a slump in the realty market since the end of 2022has driven steel demand down, while steel products imported from China atcheaper prices have created pressure on domestic steel prices.

In a bid to stabilise steel prices, it isnecessary to accelerate the implementation of real estate and public investmentprojects, Sua said, adding that when the property market becomes more vibrant,the steel market will heat up.

According to the Vietnam Steel Association(VSA), steel manufacturing output in September totalled nearly 2.34 milliontonnes, up 2.41% month-on-month and down 4.2% year-on-year. Steel consumptionwas nearly 2.2 million tonnes, increasing 4.7% month-on-month, and 9.4%year-on-year.

Steel sector sees recovery signals ảnh 2In the third quarter, nearly 6.5 million tonnes of steel are sold, up 6.3% year-on-year. (Photo: VNA)
In the third quarter, nearly 6.5 milliontonnes of steel were sold, up 6.3% year-on-year. Of the total, over 2 milliontonnes were shipped abroad, representing a year-on-year surge of 70%.

With recovery in demand, steel enterpriseshave recorded sound production results. Consumption of construction steel,hot-rolled coil steel and steel billets of the Hoa Phat Group reached 596,000tonnes in September, rising 7% against the previous month. Meanwhile, the VietnamSteel Corporation sold 268,000 tonnes of steel in September, the highest amountrecorded since the outset of this year.

Experts are optimistic about the steelindustry’s recovery in 2024 as the Government's policies and the revised LandLaw are put in place to support the real estate market and the constructionindustry./.
VNA
#Vietnam #steel industry #recovery signals #Vietnam Steel Association #Vietnamplus #Vietnam News Agency

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