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The above data has just been announced by the Vietnam Steel Association (VSA). This level increased by 9% compared to August and increased by 4% compared to the same period last year. This is the first time that construction steel sales grew positively this year and reached the highest level in the past 9 months.
Improved market demand is also reflected in the business situation of companies. Industry-leading enterprise Hoa Phat recorded the highest sales output since the beginning of the year. Specifically, sales of construction steel products, hot rolled steel coils (HRC), and steel billets reached 596,000 tons, an increase of 7% compared to the previous month. Construction steel alone contributed 352,000 tons, the highest since the beginning of the year and an increase of 15% compared to August.
Similarly, the entire system of Vietnam Steel Corporation (Vnsteel) also achieved the highest sales output since the beginning of the year in September. Over 268,000 tons of steel of this system were consumed, an increase of 8% compared to the previous month. and increased 9% over the same period.
According to VSA, construction steel sales increased, partly thanks to transportation projects such as the North-South expressway, newly implemented airport projects, accelerated progress and a number of other projects.
Retailers say that steady steel prices are also a factor supporting consumer demand. After 18 consecutive decreases since April, steel prices have been stable for more than a month since the beginning of September. CB240 steel was listed by Hoa Phat in the Northern market at 13.43 million VND per ton. D10 CB300 steel is 13.74 million VND per ton. This is the lowest price since 2020.
Production: 1 061 526
However, VSA assesses that market demand for steel products in general is still weak and has not improved much. Accumulated in 9 months, construction steel sales reached more than 7.7 million tons, down 20% compared to the same period in 2022. Of which, exports decreased nearly 13%.
In a recent report, KB Vietnam Securities (KBSC) forecast that steel prices may continue to maintain at low levels until the end of the year. However, selling prices are unlikely to fall further because steel inventories in China and Vietnamese businesses have approached the lowest level since the end of 2020.
Although there has not been a significant improvement compared to the same period last year, developments in the domestic steel market are gradually showing more positive signs. KBSC expects that domestic steel consumption demand can begin to remain positive from the beginning of 2024 thanks to: relatively low interest rates supporting production and business activities; The low base of steel prices stimulates consumption demand; policies to remove difficulties for the real estate and civil construction markets; potential from export markets.
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