Since the beginning of the third quarter of 2022, steel exports have tended to slow down continuously compared to the same period in 2021. According to data from VSA, construction steel exports in November reached 97,462 tons, down 52.5% over the same period in 2021.
Source: Unsplash
According to the Vietnam Steel Association (VSA) in November, the situation of construction steel production continued to decline compared to the previous months and the same period in 2021 due to a steel company cutting production. Specifically, construction steel production in November reached 682,800 tons, down 5% from the previous month and down 37% compared to November 2021.
Sales of construction steel reached 874,631 tons, up 23% from the previous month and flat compared to the same period in 2021. In which, export of construction steel reached 97,462 tons, down 52.5% compared to November 2021.
Generally, in the first 11 months of the year, construction steel production reached 11.2 million tons, flat compared to the same period in 2021. Sales of construction steel reached 11.2 million tons, up 3%, of which exports reached 2 million tons, equivalent to the same period in 2021.
VSA said that the price of raw materials for steel production has decreased continuously since April, and the demand for steel decreased when the real estate market slowed down. Foreign currency exchange rate fluctuations are the factors that make steel factories face many difficulties.
According to VSA data, in the first 11 months of the year, Hoa Phat's construction steel consumption reached 3.9 million tons, up 11% over the same period in 2021, accounting for nearly 35% of the construction steel consumption market share.
Source: Vietnambiz
Read more: Steel Industry Report