Steel demand in Thailand, Malaysia, Indonesia, the Philippines and Viet Nam are expected to maintain a growth rate of 6 per cent next year despite exposure to China’s steel exports. According to World Steel Association (WSA), Viet Nam is the biggest steel importer among ASEAN countries
and is ranked seventh in the world. WSA said that infrastructure construction will increase steel consumption in the five ASEAN countries to 74.6 million tonnes in 2017.
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According to World Steel Association (WSA) reports, in emerging and developing economies excluding China, steel demand would grow by 1.8 per cent and 4.8 per cent in 2016 and 2017, respectively. Steel demand in these economies will amount to 457.1 million tonnes next year, accounting for about 30 per cent of the world’s steel demand.
In 2015, Viet Nam imported 11.3 million tonnes steel, mostly from China, the Viet Nam Steel Association reported. In the first four months of 2016, Viet Nam’s steel import is 3.7 million tonnes of steel from China.
The Viet Nam’s Ministry of Industry and Trade revealed that steel import in May, 2016 increased by 32.4 per cent in volume and 7.2 per cent in value. Growth in the first five months was 50.5 per cent in volume and 1.6 per cent in value. According to this report, Viet Nam’s steel industry had faced difficulties from the beginning of this year due to tough competition from foreign countries. Since then, there are positive signs as the companies have started to increase production to meet the growing demand.
(Source: Viet Nam News)