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Vietnam Today

2017 production of steel products at 22mn tons

Released at: 07:55, 28/01/2018

2017 production of steel products at 22mn tons

Photo from baomoi.com

Production up 23.5% against 2016, while sales up 20.7%.

by My Van

The production of steel products in 2017 reached 22.027 million tons, an increase of 23.5 per cent against 2016, Vice Chairman of the Vietnamese Steel Association (VSA) Nguyen Van Sua told the Vietnam Steel Industry Dialogue - 2017 on January 25.

Sales of steel products reached 18.92 million tons, up 20.7 per cent compared to 2016. The strongest increases were seen in steel plates, steel pipes, and construction steel.

Imports of steel and steel products in 2017 were estimated at 19.91 million tons, down 14.2 per cent compared to 2016. Import turnover was estimated at $10.056 billion, up 13.2 per cent.

Steel product imports reached 14.985 million tons, down 14.5 per cent compared with 2016, worth $9.01 billion, up 16.4 per cent.

China continued to be the leading source of steel imports in Vietnam, with 46.5 per cent of the total, followed by Japan with 15.2 per cent and South Korea 11.4 per cent.

Steel exports in 2017 stood at 5.509 million tons, up 28.5 per cent over 2016, earning $3.6 billion, up 45.4 per cent.

Steel product exports totaled 4.708 million tons, up 28 per cent, earning $3.1 billion, an increase of 25.7 per cent.

Vietnam had seven major export markets last year: ASEAN countries (with 59.3 per cent of the total), the US (11.1 per cent), the EU (9 per cent), South Korea (5.8 per cent), India (3.4 per cent), Taiwan (2.25 per cent), and Australia (1.88 per cent).

Vietnam’s steel industry also faced many challenges, including the use of trade remedies by many countries to protect domestic production, such as the US, Australia, Indonesia, Malaysia, Thailand, and India.

Forecasts for the steel industry in 2018 put production growth at 20-22 per cent compared to 2017, with construction steel to increase 10 per cent, hot rolled coil 154 per cent, cold rolled steel 5 per cent, welded steel 15 per cent, and gold plating and color coating 12 per cent.

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