Vietnam produced 1.3mn mt of crude steel in December 2019, an increase of 1.1pc from year ago, and a 3.2pc increase over November 2019, the Vietnam Steel Association said on Thursday. 

Production of finished steel in 2019 was at 2.3mn mt, an increase of 11.9pc over 2018. 

Steel production in Vietnam is forecast to be 6-8pc in 2020, output of hot rolled steel at 17.1mn mt, the association said. 

In terms of imports of raw materials, the forecast for Vietnam in 2020 is 17mn mt of iron ore will come into the country, along with 5mn mt of scrap steel and 5mn mt of hot rolled steel coil.

A slowdown in the construction industry and tightened credit conditions are said to pose the biggest challenges to domestic steel manufacturers this year.

 

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