Steel prices rebounded globally and Vietnamese steel exports also saw positive growth last month.
Steel production of all kinds reached more than 2.4 million tonnes last month, a month-on-month increase of 4.34 per cent, and year-on-year increase of 15.6 per cent, reported the Vietnam Steel Association (VSA).
Sales of steel also reached more than 2.4 million tonnes, a sharp increase of nearly 36.9 per cent compared to October, and up 20.9 per cent over the same period last year. Steel sales also set a record last month.
Exports last month were also better with export figures reaching more than 478,300 tonnes, up 21.52 per cent over October and 40 per cent over the same period last year.
However, steel production, sales and exports were still almost flat in the 11 months.
Specifically, the production of steel in eleven months increased only one per cent over the same period last year, reaching more than 23.3 million tonnes.
Steel sales in the first 11 months of this year decreased by nearly one per cent compared to the same period in last year, reaching more than 21 million tonnes. Meanwhile, exports decreased by 2.8 per cent over the same period last year, reaching over 4.1 million tonnes.
Regarding the steel production market, the price of iron ore early this month rose by about 16-17 per cent compared to the beginning of last month.
The Vietnamese economy last month continued to recover in new normal conditions, while production, business, trade and consumption continued as a growth factor for the steel market, reported the VSA.
Price of raw materials for steel production such as iron ore and scrap steel has soared in the past three years and set a new price mark last month.
Along with that, trade tensions between countries, the trend of increasing trade protectionism and the impact of the Covid-19 pandemic have made steel prices increase, according to the VSA.
Specifically, the price of raw materials for steel production increased dramatically in the global market last month, which affected its price in Vietnam.
Domestic steel price is currently at an average of about 12,000-12,500 dong ($0.51-0.54) per kg at the beginning of this month, depending on the type of product and enterprises.
Price of construction steel currently sold on the market is around 15,000 dong per kg, an increase of about 2,000 dong per kg compared to last month.
VIET NAM NEWS/ASIA NEWS NETWORK