Steel exports reach $910m in 11 months

HCM CITY — The rate of growth for steel exports surpassed that of the garment and footwear sectors for the first 11 months of the year, according to the Viet Nam Steel Association (VSA).

The country earned nearly US$910 million from steel exports in the first 11 months of the year, a year-on-year increase of more than 179 per cent in value and 20-fold in volume.

During the period, exports of cold rolled steel reached 650,000 tonnes, more than nine times higher than the same period last year.

Exports of construction steel also rose robustly, reaching 140,000 tonnes, the association said.

VSA deputy chairman Nguyen Tien Nghi said removal of preferential policies for the steel industry in several countries had created higher demand for more steel exports from Viet Nam.

Local steel production this year was expected to be about 8.7 million tonnes, a year-on-year increase of 26 per cent, the VSA said, noting that the country was projected to export about 1.3 million tonnes of steel this year.

Steel imports this year would be only 1.8 million tonnes, a fall of 15 per cent over last year.

The VSA also estimated that consumption of construction steel in the domestic market this year would surge by 17 per cent over last year, reaching about 5.4 million tonnes. 

Source: vnagency.com.vn