WorldSteel predicts steel demand to increase by 1.7% in 2024. The regions with the highest consumption rate of stainless steel will be Asia, followed by the EU, Africa and China, with 5.6%, respectively.
Vietnam, which maintains its position as Southeast Asia's largest steel producer, shipped 23 million tons of crude steel and 33 million tons of all kinds of finished steel products in 2021. Once Asia's smallest economy, Vietnam ranked 13th globally in crude steel production in 2022 and exported steel products to more than 30 countries in the region and around the world. Vietnam, which achieved the same success in 2023, is expected to show a similar performance in the new year.
In 2024, Vietnam will continue to support projects to upgrade stainless steel production systems such as Sendzimir rolling machines, 1300mm width rolling technology, advanced equipment and machinery from companies such as Tenova, Danieli. These investment efforts will help steel products fully meet international standards such as ASTM, JIS, BS, EN and customers' design and dimension requirements.
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