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Steel Industry in Vietnam Facing Tough Conditions in 2020-2020 China(Guangzhou)Int’l Metal & Metallurgy Exhibition-
metal exhibition
3/2/2020 金属展-冶金展-钢铁展-steel expo-metal &metallurgy expo- |
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The Vietnamese steel industry is expected to face difficulties this year due to an increase in production capacity, falling demand and protectionist measures by countries to reduce imports. Experts said “Last year was a difficult one for steel exporters due to the increase in protectionism. Exports to the US and the EU markets, the second and third largest markets for Vietnamese steel, fell by a combined 44 percent in terms of volumes. Prices too dropped due to falling global demand, causing losses to some construction steel companies. Many companies have seen profit margins plummet, suffered losses or have cut output. Domestic consumption was also lower than in 2018, with consumption in the first 11 months growing by 3.5 percent year-on-year compared to 10 percent in 2018.”
According to SSI Securities Corporation, domestic consumption is expected to grow at 5-7 percent in 2020 due to the slowdown in the real estate market and public investment. In 2020 construction steel capacity is expected to increase by 15 percent, mainly due to the new Hoa Phat Dung Quat iron and steel production complex area and VAS Nghi Son plant with a capacity of 2 million tonnes and 500,000 tonnes.
According to SSI, a slowdown in China''s economy might negatively affect steel demand, indirectly affecting steel prices in Vietnam.
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