Illustrative image (Photo: VNA) Hanoi (VNA) - Consumption of steel in the first sevenmonths of 2020 fell 9.6 percent year-on-year to 12.37 million tonnes, accordingto the Vietnam Steel Association (VSA).
Production output was down 6.9 percent year-on-year to 13.7 million tonnes.
Vietnam exported over 2.28 million tonnes during the period, a decline of 19.3 percentagainst the same period last year, VSA reported.
The global steelmarket is hoped to improve in the third quarter of the year but the ongoing COVID-19pandemic presents myriad challenges.
Vietnam has met with difficulties in selling steel in international markets dueto many countries remaining in lockdown mode and supply chains beinginterrupted.
The steel industry is also facing the effects of higher raw material prices, whichput substantial pressure on the production and business activities as well as theprofits of steel enterprises.
The VSA said Vietnamese steel exporters need tobe cautious about control over pre-engineered steel products exported tothe US, as this item has been given early warning status in regard to trade defencemeasures.
Such measures will continue to be imposed by foreignmarkets on imported products, especially steel, it noted.
Apart from meeting requirements in standards, techniques, and origin, Vietnamesesteel enterprises are also advised to pay more attention to trade defence provisionswhen exporting to markets such as the EU and the US./.
VNA
