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Six-month steel production, consumption increase
The production and consumption of steel have increased in the first half of the year despite rising steel ingot prices, according to the Ministry of Industry and Trade.
The steel industry produced 1.96 million tonnes of steel and sold 1.83 million tonnes in the period, a year-on-year increase of 6.7 percent and 8.2 percent, respectively.
The ministry said, however, that June saw a record decrease in steel sales with only 250,000 tonnes sold, a drop of 60,000 tonnes from May, due to falling demands in the rainy season and the government’s budget tightening measures to fight inflation.
The world and domestic steel markets have been suffering from sharp rises in steel ingot prices, which rose from 760-780 USD to 1,000-1,150 USD per tonne over the past six months as a result of China ’s policy to limit ingot export.
The Steel Corporation and the Vietnam Steel Association have co-organised with steel production businesses not to increase steel price and ensure enough supply for the market.
However, steel prices are likely to increase towards the end of the year to keep up with rising production costs, experts said.
VNA
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