According to the Vietnam Steel Association (VSA), steel production in September was recorded at about 2.34 million tonnes, up 2.41% on month and down 4.2% on year. Steel consumption amounted to about 2.2 million tonnes, up 4.69% on month and 9.4% on year.
In Vietnam, which has been struggling with a 19-fold drop in steel prices since the beginning of 2023, prices have been hovering around VND13.5 million (USD548.56) per tonne due to a gloomy property market and slowing public investment payments.
Experts pointed out that the real recovery of the steel market will not be seen until the first quarter of 2024.
According to VSA Vice President Nguyen Van Sua, the decrease in the property market since the end of 2022 has reduced steel demand, while steel products imported from China at cheaper prices are also increasing pressure on domestic steel prices.
VNDirect Securities Corporation said the steel industry will boom in 2024. The adoption of the amended Land Law will help eliminate financial bottlenecks for home buyers and burden the property market.
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