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Vietnam's steel output is expected to increase by 20% in the second half of the year

Vietnam's steel output is expected to increase by 20% in the second half of the year

At present, the Vietnamese economy is in a stable development stage. Many real estate projects and transportation infrastructure projects are under construction, and the Vietnamese steel industry is showing good growth. In the second half of 2018, this situation will continue and Vietnam's steel output is expected to increase by 20% year-on-year.

In the first half of 2018, Vietnam's crude steel and steel production increased by 43.7% and 16% respectively.

As of the end of May 2018, Vietnam's total steel exports were 2.36 million tons, and its total exports reached 1.76 billion US dollars. Exports and exports increased by 41.9% and 57.8% respectively. The main export markets of Vietnam's steel products are ASEAN countries, of which exports to Cambodia are 491,000 tons, up 48.4% year-on-year; exports to Indonesia are 301,000 tons, up 25.4% year-on-year; exports to Malaysia are 292,000 tons, up 99% year-on-year. In addition, Vietnam's steel exports to the United States were 368,000 tons, an increase of 104%; exports to the EU were 286,000 tons, an increase of 146%.

It is worth noting that the Vietnam Hejing Iron and Steel Plant plans to put the No. 2 blast furnace (annual production capacity of 4 million tons) into production in the second half of 2018, and plans to increase the annual production capacity to 7 million tons to 8 million tons. This may bring Vietnam's HRC production up 154% year-on-year.

In addition, according to the plan, some projects in Vietnam will be put into operation this year. For example, Vietnam Hefa Group will start production of a 600,000-ton capacity rolling steel production line in August.

Source: China Steel News Network

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