Vietnam steel output in the first two months is down by 26.5 percent
Cement consumption edged up to 8.4 million tons in the first two months, according to the Ministry of Construction.
In a report it said 5.3 million tons were consumed in the domestic market while the other 3.1 million tons were exported, news website thoibaokinhtesaigon reported.
Prices fell by VND30,000-50,000 (US$1.42-2.37 ) per ton in February.
The inventory is now at around 2.6 million tons, including 600,000 tons of cement and 2 million tons of clinker, a reasonable level, the Ministry said.
Demand this year is expected to be 62-63 million tons, up 1.5-3 percent from last year.
According to the Ministry of Industry and Trade, for the first two month, the country’s steel industry only produced 283,000 tons, down by 26.5 percent over the same period last year.
The total consumption of steel during last year was around 5 million tons compared to 5.5 million tons of last year, statistics from the Vietnam Steel Association have shown.
As key industries that consume the most steel products of Vietnam such as shipbuilding, car marking, mechanism and construction have not show many positive signs of recovering, the total consumption of the steel this year is predicted to be around 12.2-12.5 million tons, an increase of only 3-5 percent over last year, said the Ministry of Industry and Trade.