Local steel sales likely to reach 630,000 tons in Oct

Vietnam’s consumption of steel is likely to reach 630,000 tons in October, including 283,000 tons already sold in the first half

Vietnam’s consumption of steel is likely to reach 630,000 tons in October, including 283,000 tons already sold in the first half, the online newspaper Tuoitre reported on October 12 citing Nguyen Tien Nghi, Vice president of Vietnam Steel Association(VSA).

The October figure is much higher than the estimate of 460,000 tons sold in September and August each.

The domestic steel prices of Vietnam are likely to increase by the end of this month due to the world steel price hike and higher domestic consumption, Nghi forecast.

The country currently has 600,000 tons of steel billet, enough input for production in the next two months while the steel stockpiles are 320,000 tons, Nghi added.

Nghi also said that the local firms still have to import between 40%-45% steel billet, 70%-80% scrap steel. – Stoxplus.com

Tags: Vietnam steel industry, Vietnam steel market, Vietnam steel prices