Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Vietnam’s steel production and consumption has risen in the first eight months of the current fiscal year amid healthy demand from the construction sector, according to Vietnam Steel Association (VSA). Vietnamese steelmakers ramped-up production in July and produced 2.1mn mt of steel, up by 7.7pc. Moreover, domestic steel demand witnessed an improvement supported by several infrastructure projects including power and wind mega projects.


Steelmaker Hoa Phat managed to increase its market share to 32pc by the end of August 2020, compared to the prior-year, surpassing Vietnam Steel (VnSteel). The company could achieve the leading position on the back of production of high quality of steel made from iron ore, competitive prices and full supply to cater to the market demand.


In August, the steel production reached 2.3mn mt, up by 12.6pc from the prior-year period and up by 11.4pc from the prior-month.


Other member companies of VSA, however, witnessed a degrowth in sale of steel products by 5.8pc from the prior year period. Steel export volumes stood at 906,000mt, revealed VSA report. 


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