It is forecast that the steel industry will grow by 20-22% in 2018

It is forecast that the steel industry will grow by 20-22% in 2018

HR coil production in 2018 is expected to increase 154% compared to 2017.

In the afternoon of January 25, at Vietnam Steel Industry Dialogue summing up 2017 & 2018 forecast, Nguyen Van Sua said, production of steel products in 2017 reached 22.027 million tons , increase 23.5% compared to 2016.

Sales of steel products in 2017 reached 18.922 million tons, up 20.7% compared to 2016. In particular, the strongest increase is steel plate, steel pipes and construction steel.

Import steel material and steel products in 2017 is estimated at 19.918 million tons, down 14.2% compared to 2016. Value is estimated at $ 10.056 billion, up 13.2%.

In particular, steel products imported in 2017 reached 14.985 million tons, down 14.5% compared to 2016. The turnover reached 9.013 billion USD, up 16.4% over the previous year.

China continues to be the leading exporter of steel in Vietnam with 46.5%, followed by Japan with 15.2%, South Korea with 11.4%.

Steel exports in 2017 reached 5.509 million tons, up 28.5% over 2016. The turnover reached 3.643 billion US dollars, up 45.4%.

Particularly for steel products, exports reached 4.708 million tons, up 28% over 2016. Turnover reached $ 3.148 billion, up 25.7%.

In 2017, Vietnam has a total of 7 major export markets including ASEAN countries (59.3%), the United States (11.1%), European Union countries (9.0%). , South Korea (5.8%), India (3.4%), Taiwan (2.25%), Australia (1.88%).

However, in 2017 the steel industry also faces many challenges. These include the use of trade remedies to protect domestic production, the defense of foreign lawsuits such as the United States, Australia, Indonesia, Malaysia, Thailand, India, … for export steel products of Vietnam.

The steel industry forecast for 2018 will see production growth of 20-22% compared to 2017. Of which, construction steel will increase by 10%, hot rolled steel 154%, cold rolled steel 5%, welded steel 15% gold plating and 12% color coating.

Source: Satthep & Maresos Team