Steel exports increase over 150%

Iron and steel imports from China accounting for 59.1%

12 steel projects removed from the plan

Tax evasion of safeguard through import of steel

Hoa Phat is still the company holding the largest market share on construction steel. Photo: Phan Thu.

A report released by the Vietnam Steel Association (VSA) shows that in February at the end of Tet holiday, businesses returned to normal performance, so production and sales of steel products increased compared to January.

Total production and sale of steel products increased by 28.8% and 43.3% respectively over the same period of 2016.

In February, steel prices increased by 400-600 vnd per kilogram compared to the end of January due to an increase of domestic billet prices and purchases of distributors to meet the demand of February and speculative inventories to be sold in March, especially in the North. The VSA forecasts that the sales in March will continue to rise more than February, but will not reach the same volume as the same period in 2016.

Generally for the first 2 months, the total volume of steel produced was 2,929 million tons, up 131.4% over the same period in 2016, while total sales were 2,315 million tons, up 131.7% compared to the same period in 2016. Steel product exports in the first 2 months of 2017 also increased by 150%, reaching 525,640 tons.

Imported Iron and Steel from China increase nearly 50 %

Particularly, the volume of construction steel produced in the last two months was 1,370,724 tons, up 29.12% over the same period in 2016. The amount of construction steel sold reached 1,294,143 tons, up 28.18% compared to the same period of 2016. Notably, export of construction steel in the first 2 months of 2017 reached 161,036 tons, up 239.33% over the same period in 2016.

According to VSA, Hoa Phat still occupies the largest market share of the top five construction steel producers with 24.87%, followed by VNSteel with 17.61%, Pomina with 11.6%, Posco SS Vina holds nearly 10% of market share, and Vinakyoei with 7.29% of market share.