According to the latest monthly report from the Vietnam Steel Association, construction steel production witnessed a decline of 9.1%, amounting to 738,196 tons. In the first half of the year, construction steel production experienced a significant decline, reaching nearly 5 million tons, representing a 25.5% drop compared to the same period last year. Similarly, sales and exports of construction steel also saw notable decreases of 22.7% and 38%, respectively, with sales reaching 5.1 million tons and exports totaling 80,031 tons compared to the previous year.
Among the countries affected, Vietnam's construction sector is now grappling with the implications of this significant downturn. With the recent decline in production, the nation's construction industry is bracing for potential disruptions to ongoing projects and supply chains.
The situation has raised concerns among government officials and industry leaders, who are actively seeking solutions to minimize the impact and support the construction steel manufacturing sector.
Experts attribute the decrease in construction steel production to a combination of factors. Economic uncertainties, shifts in global demand, and disruptions in supply chains are believed to be primary contributors to the decline. Moreover, rising production costs may have added additional pressure on steel manufacturers in Vietnam.
According to the General Administration of Customs, in May, 1.13 million tons of iron and steel were transported across the border. In the first five months of the year, steel exports saw a notable increase of 10.4%, reaching a total of 4.38 million tons. Italy emerged as the largest importer of Vietnamese steel, importing approximately 696,000 tons, marking an impressive 121% surge compared to the same period last year.
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