Steel Industry Growth Thanks to Exports

StoxPlus | Thu, Nov 7, 2013 03:52:00 PM Share this on

This year’s steel industry growth is seen thanks to exports, the newspaper of the Ministry of Industry and Trade (MoIT) said.

In details, the industry’s exports jumped by 15.2% while imports posted the lowest level in the first 10 months of this year. The information was disclosed at the conference about business operation in the last 2 months of the year held by Vietnam Steel Association (VSA) on November 6.

Foreign Direct Investment (FDI) sector is still a highlight in the industry’s export activities, accounting for 63.1% of the country’s steel export value, up 27.2% on year in the first 10 months of this year while the domestic sector has suffered a decline in steel exports since 2011.

In the import side, imports of  finished steel were estimated at $9 million in the period, up 15.9% on year while imports of flat steel products were estimated at $5 million, down 7% on year; imports of roll of steel dropped by 60%, import of slab slid by 22.8%. The data was reported at the conference.

Amid economic difficulties, steel companies have attempted to find ways to expand markets. Some steel product ranges have posted increase in export values such as paint and metal coated steel sheet ( up 62.8% on year); structural steel (up 46%); stainless steel (up 39%).

Steel prices in the domestic market have not posted big changes in the period on higher supply and slow demand.

Source: StoxPlus