In Vietnam, steel demand is likely to grow in the construction sector by the end of 2020, believes the Vietnam Steel Association. A rebound in demand in September has instilled hopes in the market.
Iron and steel imports into the country dropped by 3.2pc to 10.5mn mt in the first nine months of 2020 (Jan-Sep) to worth $6.1bn, from the prior-year period, according to the media reports based on VSA’s outlook.
China, India, Japan, and South Korea were the major exporters of iron and steel to Vietnam.
In September, Vietnam imported 1.1mn mt of iron and steel worth $660mn, down by 4.4pc, compared to the prior year.
Construction steel production in Jan-Aug declined by 6.9pc to 6.6bn mt compared to the prior-year period amid the COVID-19 pandemic. To revive the manufacturing sector, the Vietnamese government has accelerated investment capital from the state budget in August 2020. Funds allocated increased by 45.4pc from the prior-year period, said VSA.