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Vietnam Steel Association Seeks Support to Minimize Coronavirus Damage-The 21st China (Guangzhou) Int’l Spring Industry Exhibition
3/16/2020 弹簧展- Spring Industry Exhibition-Spring expo |
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Vietnam Steel Association vice chairman Mr Trinh Khoi Nguyen has called for of state support to Vietnamese steelmakers to minimise the damage caused by the outbreak of the novel coronavirus disease, which could well reach a pandemic as dozens of countries reported new infections. He said “The virus outbreak, which started in China, had hurt the country’s steel industry in many ways. Demand for Vietnamese steel had fallen sharply as construction projects were halted and rigid measures were taken by countries to monitor the flow of goods. Steel consumption across the country had dropped by 35 percent and exports had fallen by 20 percent. Other steel-related products also reported a 30-40 percent drop in demand.”
The association has urged the government to come up with policies to support the industry, including cutting interest rates and extending credit lines. At the same time, actions must be taken to ensure a steady supply of raw materials across the border.
Thai Nguyen Iron and Steel Company said sales had plummeted to 14,000 tonnes, just over 23 percent of its sales target for February. The corporation said even in the best-case scenario, it would only reach 75 percent of its quarterly target. The steelmaker said it’s in the process of reviewing stockpiles and negotiating with suppliers and buyers to ensure production continued.
VTMSteel was among the hardest hit by the outbreak as its factory is located close to the Vietnam-China border and the company heavily relies on trade between the two countries for raw materials. As the company’s stockpiles fell, operations would likely stop in March.
The Vietnam Steel Corporation has been talking with customs and border authorities to find ways to speed things up on both sides. Meanwhile, steelmakers must also start seeking other sources of raw materials
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