The domestic steel industry has seen a slowdown in recently months with weak steel sales and price drops, according to the Vietnam Steel Association (VSA).
Hanoi (VNA) – The domestic steel industry has seen a slowdown in recently monthswith weak steel sales and price drops, according to the Vietnam SteelAssociation (VSA).
Somefactories have faced difficulties and are likely to suffer losses, it added.
VSA membersproduced over 730,000 tonnes of steel in April, an increase of 3.6 percent fromthe same period last year, but a decrease of 14.26 percent from the previousmonth, said VSA Vice President Nguyen Van Sua.
More than635,000 tonnes of steel were sold last month, down 14 percent year on year and20 percent from March, he said.
Sua addedthat the domestic price of steel in April was 400 – 700 VND per kilogrammelower than that of March, fetching at 10,600 – 10,800 VND per kilogramme (VATexcluded) and is likely to fall even more.
The priceof scrap steel went down by 20 – 25 USD per tonne to 255 – 265 USD per tonnewhile that of steel billets has declined by 20 – 25 USD per tonne since April24 to about 390 – 400 USD per tonne.
Localproducers continued to offer discounts and price guarantees to customers andsuffer fierce competition from exported steels, further worsening thesituation.
Theassociation advised the domestic steel producers to help stablise the market byrevoking price guarantees and reducing discounts. It also encouragedinformation exchange and cooperation between the producers to ensure a healthybusiness environment.-VNA
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