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Local steel sector saw gloomy performance in 11 months

Steel production and consumption in the first eleven months of 2022 fell 11.3 percent and 6.8 percent, respectively, year-on-year.

In November alone, steel production reached 1.825 million tons, a year-on-year decline of 36.8 percent, while steel consumption stood at 1.942 million tons, down 16.2 percent, according to the Vietnam Steel Association (VSA).

Steel consumption situation in 2022

Source: VSA

In the first 11 months of 2022, steel production reached 27.12 million tons, down 11.3% over the same period in 2021. Consumption of steel reached 25.1 million tons, down 6.8% over the same period in 2021.

Regarding the export situation, updated data for October 2022 shows that Vietnam's steel exports reached 531 thousand tons, down 0.25% over the previous month and down 57% over the same period in 2021. Export value reached $434 million, up 1.17% compared to September 2022 but down 65.66% over the same period in 2021.

Regarding exports, Vietnam exported 6.99 million tons of steel in the first ten months of 2022, a year-on-year fall of nearly 37 percent. Total export revenue reached more than $6.9 billion, down 28.92 percent.

According to data from Vietdata, this is the third consecutive month of recording very low production output, even lower than during the epidemic period.

Vietnam’s major steel markets are ASEAN, the EU, the US, the Republic of Korea, and Hong Kong (China).

In an assessment of the steel market in November, the Vietnam Steel Corporation (VNSteel) said domestic market demand continues to remain at a low level. Weak consumption has forced many factories to cut production volumes or cease operations.

Source: VnEconomy



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