Despite challenges, such as the impact of US anti-dumping investigations in late October, Vietnam's steel sector remained resilient with a focus on the local market. Steel companies have reshaped their strategies to capitalize more on the demand from local construction and public infrastructure projects, aiming to stabilize production and support growth.
The Vietnamese steel sector is expected to see a 5% rebound in construction steel prices in the fourth quarter, driven by increasing domestic consumption and easing pressure from China. Local manufacturers are forecast to benefit further from rising demand, especially as anti-dumping duties come into effect in December.
In the construction sector, the recovery of Vietnam's real estate market and ongoing highway projects are boosting steel demand. Increased public investment and housing supply are key contributors to the growth.
The Vietnamese government is also working on a long-term strategy for the steel industry, with a vision extending to 2050. Major infrastructure projects, such as the north-south high-speed railway, are expected to significantly increase steel demand, with local contractors already preparing for large-scale construction.
Steel companies in Vietnam have posted strong financial results for the third quarter. Hoa Phat Group reported a 51% y-o-y increase in net profit, while Nam Kim Steel saw a 22% rise in revenue. These positive performances, along with continued growth projections, suggest a promising outlook for Vietnam’s steel industry despite global uncertainties.
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