May 01, 2018 / 14:49

Steel exports and consumption saw strong growth in April

The Hanoitimes - Vietnam’s steel exports soared to over US$1 billion during the first quarter of the year and heads toward a strong upward trend.

The steel production and consumption in April were strong due to the favorable weather and peak season, reported the Vietnam Steel Association (VSA).
Illustrative photo
Illustrative photo

Accordingly, the volume of steel production in April reached 850,000 tons, up 16.3% against the same period last year. The total steel output during the last four months is expected to hit 3.21 million tons, up 8.8% year-on-year. Meanwhile, the steel consumption volume in the same period stood at 830,000 tons.
Not only steel's  domestic consumption but the exports saw good outcomes. During merely the first three months of 2018, the latter hit US$1 billion and the upward trend tends to last.
As forecasted, Vietnam’s steel would bear much pressure due to increasing trade protection trend in many countries worldwide. Large trade partners such as the US and European Union (EU) have launched investigation and slap safeguard duties to protect their domestic markets, causing barriers for exporters.  On the other hand, domestic market promises much potential amid strong growth and well-intentioned investment activities since early this year.
According to VSA, state agencies should continue to devise policies and measures to strictly control imports in an effort to protect domestic producers and implement policies to stimulate economic development and create stability for the macro-economy and interest rates to ensure the trust of businesses. This year, production of the Vietnam’s steel sector hass potential for 20-22% growth against 2017.