Vietnam imported 1.2 million tonnes of hot rolled coil (HRC) steel in September, a 34% increase compared to August, according to data from the General Department of Customs.

Although the demand for building steel rose by more than 26% in May compared to the previous month, steel prices decreased for the 10th month, and steelmakers expected the struggle to continue.

Despite disruptions caused by the fourth wave of the COVID-19 pandemic, steel producers still reported extraordinary profits.

Steel producers continued to post great results in the second quarter of this year, supported by high steel prices.

The surge in prices of steel since the beginning of 2021 helped many steel producers record good performance in the first quarter.

Enhancing product quality and optimising production costs would help domestic steel producers compete with cheap products imported from China, said Nguyen Van Sua, Vice President of the Vietnam Steel Association.

A delegation of investors from the Republic of Korea (RoK) has visited Hoa Phat Group, one of the three largest steel producers in Vietnam, to seek partnership opportunities.

The European Commission (EC) has decided to initiate a safeguard investigation concerning imports of 26 steel products, including those from Vietnam, to its member countries.

Vietnam stocks rebound on oil outlook

Several US steel producers recently submitted an anti-dumping and countervailing petition to the US Department of Commerce (DOC) concerning cold-rolled steel imported from Vietnam.

Vietnamese shares recovered on July 18 from a two-day decline as steel producers advanced on Government’s support and higher second-quarter performances.