Steel exports surge 130 pct as global demand shoots up
By Mei Ling Tan
1 min read
Steel exports rose by nearly 130 percent in the first 11 months of this year to US$10.8 billion, according to the Vietnam Steel Association.
Hoa Phat exported 914,000 tons of finished construction steel products, a year-on-year rise of 90 percent. It plans to export over one million tons, double the volume it shipped last year.
The association expected exports to be robust this month due to rising global demand and a temporary shortage in China.
Vietcombank Securities Company explained that China is gradually reducing its steel exports.
The association said Vietnam has a production capacity of around 24 million tons a year, and output this year is expected to reach 21.2 million tons, enough to fully meet domestic and export needs.