Steel production continued to grow

According to the Ministry of Industry and Trade, in the first 10 months of 2016, steel production continued to grow relatively high compared to the same period last year due to taking advantage of the opportunity of Vietnam to apply safeguard measures on long steel and billet to reduce import and facilitate domestic production units.

Moreover, the demand for construction in the country is quite strong, so the amount of long steel production and consumption remains high.

Specifically, crude steel output in the first 10 months of 2016 was estimated at 468.1 thousand tons, up 26.5% over the same period of 2015; rolled steel was estimated at 487.8 thousand tons, up 30.4%; quantity of steel bars and angle steels is estimated at 397 thousand tons, up 1.5%.

Steel imports in October increased by 15.4% in volume and 31.3% in value over the same period last year. For the first 10 months of 2016, steel imports increased by 23.7% in volume and 4.9% in value over the same period last year.

According to the Ministry of Industry and Trade, in the last months of the year, the market is able to meet the demand for construction steel products of domestic enterprises, so the selling price of steel products remains stable.