10/07/2019 10:30:14

Nearly 100% of raw materials for steel production must be imported

(Construction) - According to Vietnam Steel Association (VSA), the steel industry has faced many challenges over the past time due to excess capacity and fierce competition from domestic manufacturers. Direct effect of steel imported from China. Along with that, input materials increase - erratic reduction has a direct impact on the production and business efficiency of steel companies. In particular, Vietnam steel industry is heavily dependent on the international raw material market, most of the input materials for the production of steel products must be imported in very large quantities (about 90% of iron ore , 100% fat coal, 70% scrap steel, 100% graphite electrode.

As estimated, in the period of 2019-2023, with the overall economic growth rate of the whole country is forecasted to be quite high (6.7-7.0% per year), the demand for steel also increases.

At the same time, this is also a period of deep economic integration, especially the implementation of new free trade agreements such as CPTPP, EVAFTA, RCEP ... which will create favorable conditions for Vietnam's steel industry to expand the market. export, as well as import of good materials, equipment and technology for steel production.

However, the implementation of trade liberalization agreements will create more fierce competition, especially for steel products from China. However, VSA still gives optimistic forecasts, with the industry's growth rate averaging about 8-10% / year in the coming time.





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