Domestic steel consumption drops strongly from May
Domestic consumption of steel in June dropped 14.9 percent compared to May to 1,794,193 tonnes and production output also fell 1.25 percent month on month to 2,058,445 tonnes, according to the Vietnam Steel Association.
Hanoi (VNA) – Domestic consumption of steel in June dropped14.9 percent compared to May to 1,794,193 tonnes and production output also fell1.25 percent month on month to 2,058,445 tonnes, according to the Vietnam SteelAssociation.
However, the figures showed increases if compared to the same periodlast year, at 28.6 percent for sale of steel products and 28.4 percent in termsof output.
In particular, sale of construction steel reduced by 25.6 percent on a monthlybasis with 778,146 tonnes sold. Production of the product also decreased by5.13 percent from May to 806,252 tonnes.
Explaining the drop, Nguyen Van Sua, Vice Chairman of the Vietnam SteelAssociation, said the May sale of construction steel was the highest in thepast five years. In addition, it is normal that sale of construction steel decreasesin June as construction activities usually slow down in the rainy season.
He added that despite the monthly fall, the figures still showedincreases from the same period last year.
At the same time, Sua warned that the world steel market contains manypotential risks due to the dispute related to the US’s tariff on importedsteel.
Vietnam’s steel products are also facing some trade protection measuresin other countries.
Besides, an appreciating US dollar and sluggish stock market are likelyto affect the steel sector’s growth.
The Ministry of Industry and Trade forecast that the steel industry canmaintain a growth rate of 20 percent this year, but urged vigilance against theimpacts of the US-China trade war and rising trade protectionism.
Director of the ministry’s Planning Department Duong Duy Hung said it isnecessary to take legal trade defence measures to protect the domestic steelindustry.-VNA
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Illustrative image (Source: VNA) 
