Domestic steel production exceeded 17 million tonnes in the first ten months of this year, growing 22.8% year on year, according to the Vietnam Steel Association (VSA).
Steel consumption reached nearly 14.2 million tonnes in the period, up 18.4% year on year.
The sector produced 758,000 tonnes in October, down 9.35% from the previous month.
The VSA’s data showed that steel consumption in October dropped 24% from the previous month and 14% year on year to nearly 600,000 tonnes. Steel inventories currently rose 35% from the previous month to 783,000 tonnes.
VSA President Nguyen Van Sua attributed the decreasing trend to rainy weather and the sluggish construction market.
Steel prices also dropped, by VND400-700 per kilogramme.
Additionally, prices of steel billet for production fluctuated at US$320-330 per tonne, down US$5 from last month.
Source: vietnamplus.vn