According to the report analysis, ‘Vietnam Steel Comprehensive Report Q1/2020’ states that in the Vietnam Steel market there are several entities which presently functioning more effectively for leading the fastest market growth and registering the handsome value of market share around the globe in the upcoming years while developing the applications and specifications of the steel, decreasing the associated cost, advancing the features and benefits of steel goods, spreading the awareness related to the steel products, employing the young workforce, and adopting the profitable strategies includes Hoa Phat Joint Stock Company, Hoa Sen Group, Thai Nguyen Iron And Steel JSC, Pomina Steel Corporation, Italy Steel Joint Stock Company, DANA Iron and Steel Joint Stock Company, Hoa Sen Group, Nam Kim Steel Joint Stock Company, Vietnam Germany Steel Pipe JSC, DTL: Dai ThienLoc Corporation, SMC Steel Company Limited, TIENLEN CORPORATION, Thien Nam Trading Import Export JSC and several others.
However, the first 9 months of 2019 is duration of period when the steel market has several positive changes: the domestic steel price is up owing to the vacillation of raw material prices, but the steel market is very exhilarating owing to the import requirement for the increasing the construction season.
Concerning construction steel, although the market has a comparatively good growth in output, the introduction and business proficiency of enterprises has not augmented accordingly. Construction steel consumption augmented by 20.71% compared to the same duration of 2018.
Concerning flat steel, 2018 was also a predominantly problematic year for flat steel units. At recent, 2 steel projects (Vietnam-China Steel Factory, Phase 2 enlargement Project of Thai Nguyen Iron and Steel Plant) are not yet overwhelmed all complications, depending on the safety policy of steel billets of industry and trade segment. Ore consumption, especially presently, has a great capital imbalance.
Concerning the steel trade, despite facing several export problems, Vietnam still augmented by 23.45% in volume and 8.78% in value correspondingly. In the first 9 months of 2019, China was still Vietnam’s greatest supplier, registering for 40.95% of total steel imports.
Whereas, 2019 is a year the steel industry endures to face several difficulties. It is problematic owing to the protection trend in the globe is still augmenting, the US-China trade war has not ended, raw material costs endure to be unstable, which will have an impression on the Vietnam’s steel industry.
However, the Vietnam Steel Association has a rather expectant view with the steel industry. During 2019, Vietnam’s steel industry still has an opportunity to augment when the Government still objects great economic growth at 6.8-7%. After 3 years of the shortfall in public investment expenditure, in 2019, the Government is strong-minded to quicken the disbursement. When the disbursement issue gets better, fresh construction projects will augment and steel consumption will flourish. Accordingly, in 2019, the growth of steel industry may still be at 10% .ng 3.92 million tons. Hence, during the forthcoming duration, it is predicted that the market of steel will increase around the globe over the upcoming years more effectively.
For More Information, click on the link below:-
Ankur Gupta, Head Marketing & Communications