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Vietnam's steel exports recorded signs of recovery

Although still facing many challenges, more positive signals for the iron and steel industry at the end of the year, along with the expectation of a recovery in demand in some Asian countries in the near future, will support the domestic steel industry.

Source: Internet


According to the Mercantile Exchange of Vietnam (MXV), with the strong recovery trend of iron and steel prices in the world over the past 2 months, domestic iron and steel prices also began to show signs of increasing again.


The situation of Vietnam's iron and steel exports in the last month of 2022 has also improved. According to statistics from the General Department of Customs, Vietnam exported 823,128 tons of iron and steel in December 2022, up 40.2% over the previous month. Export turnover also increased by more than 24%, reaching more than VND584 million.


In December, Vietnam continued to have a trade deficit of more than 123,000 tons of steel, however, the trade deficit has also decreased significantly compared to about 376,000 tons in November. Thus, considering the whole year of 2022, our country has returned to a trade deficit of more than 3.3 million tons of steel, after recording a trade surplus for the first time in many years in 2021.


Although still facing many challenges, more positive signals for the iron and steel industry at the end of the year, along with the expectation of a recovery in demand in some Asian countries in the near future, will support the domestic steel industry.


(VGP News)



STEEL INDUSTRY REPORT - 12/2022


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