According to Vietnam Steel Corporation (VNSTEEL) statistics in April 2024, the steel market showed a positive recovery trend. In April, the total consumption of finished steel products by units in the entire VNSTEEL system increased by 43% compared to March 2024. This increase was recorded as 74% compared to the same period last year.
In the world steel market, while the average prices of most products except iron ore decreased in April compared to the previous month, iron ore prices increased by 1.2%. While there was an increase of approximately 1% in scrap prices in the domestic market, steel billet prices remained stable compared to the previous month.
Despite the increase in raw material prices, domestic finished steel prices continued to decline in April, with construction steel coil products experiencing declines of up to 3%. This situation created difficulties for manufacturers. However, manufacturers stated that the consumption rates of their enterprises increased compared to the previous month and emphasized that recovery expectations in the local construction steel market in terms of both price and demand have increased.
The total consumption of finished steel products of the entire VNSTEEL system in April increased by 43% compared to March 2024 and increased by 74% in the same period, reaching over 348,000 tonnes across all types. Construction steel consumption increased by 61% compared to the previous month, reaching over 233,000 tons; Cold rolled steel consumption increased by 90%, and galvanized steel consumption increased remarkably.
Cumulatively, in the first four months of 2024, the entire VNSTEEL system produced over 1,072,000 tons of steel products of all types, an increase of 24% compared to the same period in 2023.
While producers are making adjustments to increase their prices, consumption is also improving after a long period of stagnation. Although it is not yet confirmed that the domestic steel market will fully recover, the positive signs observed show that the steel industry is moving towards a brighter future.
Units in the VNSTEEL system continue to have appropriate production and business plans by closely following the developments in the domestic and foreign markets.
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