In July, steel consumption output raised 39 percent over the same period last year. Steel inventory was 530,306 tons on July 31, down 19 percent compared to the end of June.
According to VSA, domestic steel consumption has been difficult in recent years. Besides loss making businesses, there have been well performing ones.
Vietnam has been estimated to be the largest steel manufacturer in ASEAN since 2015, when the country nearly did not produce hot rolled steel.
Since June 2017, Hung Nghiep Formosa Ha Tinh Company has produced hot rolled steel product and helped reduce the import volume of hot rolled steel coils annually.
Steel billet and scrap prices have increased continuously and strongly. So manufacturers have raised steel product prices to make up cost price. Of these, northern and southern plants have lifted the price up by three to four times.
Steel billet price is forecast to maintain high in the upcoming time, from VND10,500-10,700 a kilogram. So steel product prices will continue surging in August.
