Domestic steel production exceeded 17 million tonnes in the first ten months of this year (Photo: VNA)

Hanoi (VNA) – Domestic steel production exceeded 17 million tonnes in the first ten months of this year, growing 22.8 percent year on year, according to the Vietnam Steel Association (VSA).

Steel consumption reached nearly 14.2 million tonnes in the period, up 18.4 prercent year on year.

The sector produced 758,000 tonnes in October, down 9.35 percent from the previous month.

The VSA’s data showed that steel consumption in October dropped 24 percent from the previous month and 14 percent year on year to nearly 600,000 tonnes. Steel inventories currently rose 35 percent from the previous month to 783,000 tonnes.

VSA President Nguyen Van Sua attributed the decreasing trend to rainy weather and the sluggish construction market.

Steel prices also dropped, by 400-700 VND per kilogramme.

Additionally, prices of steel billet for production fluctuated at 320-330 USD per tonne, down 5 USD from last month.-VNA