Rolled steel produced by Hoa Sen Group.(Photo vsa.com.vn) Hanoi (VNA) – Steel exportsin November surged 21.52 percent month on month and 40 percent year on year, reaching more than 478,300tonnes, reported the VietnamSteel Association (VSA).
The same month, steelproduction of all kinds reached more than 2.4 million tonnes, a month-on-monthincrease of 4.34 percent, and year-on-year increase of 15.6 percent.
Salesof steel also reached arecord of more than 2.4 million tonnes, a sharp increase of nearly 36.9per cent compared to October, and up 20.9 percent over the same period lastyear.
However,steel production, sales and exports were still almost flat in the 11-month period.
Specifically,the production of steel in theperiod increased only 1 percent over the same period last year,reaching more than 23.3 million tonnes,while sales decreased by nearly 1 percent to more than 21 million tonnes. Meanwhile,exports fell 2.8 percent over the sameperiod in 2019 to over 4.1 million tonnes.
Theeconomy in November continued to recover in new normal conditions, whileproduction, business, trade and consumption continued as a growth factor forthe steel market, according to the VSA.
Priceof raw materials for steel production such as iron ore and scrap steel has soaredin the past three years and set a new price mark in November, which affected prices in Vietnam.
Alongwith that, trade tensions between countries, the trend of increasing tradeprotectionism and the impact of the COVID-19 pandemic have made steel pricesincrease, the VSA said.
Domesticsteel price is currently at an average of about 12,000 VND-12,500 VND (around 0.5 USD) perkilogramme at the beginning of this month, depending on the type of product andenterprises.
Priceof construction steel currently sold on the market is around 15,000 VND per kilogramme, an increase of about 2,000 VND per kilogramme compared to last month./.
