Steel exports surge 130 pct as global demand shoots up
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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.
Questions & Answers
Q.What was the total value of steel exports in the first 11 months of this year?
What was the total value of steel exports in the first 11 months of this year?
Steel exports reached US$10.8 billion in the first 11 months of this year, representing a significant increase of nearly 130 percent compared to the previous period. This surge was reported by the Vietnam Steel Association.
Q.Which company was specifically mentioned for its export performance, and what volume did it achieve?
Which company was specifically mentioned for its export performance, and what volume did it achieve?
Hoa Phat was highlighted for exporting 914,000 tons of finished construction steel products. This volume marked a 90 percent rise year-on-year, with the company aiming to export over one million tons in total.
Q.What is Vietnam's annual steel production capacity, and how much output is expected this year?
What is Vietnam's annual steel production capacity, and how much output is expected this year?
Vietnam possesses an annual steel production capacity of approximately 24 million tons. This year's output is projected to reach 21.2 million tons, which is deemed sufficient to satisfy both domestic consumption and export requirements.
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