Updated  
February, 15 2014 09:04:46

Steel sector in New Year slump

Steel is produced at Thai Nguyen Iron and Steel JSC. The Ministry of Industry and Trade reported that steel production and consumption faced difficulties in January due to an imbalance in supply and demand. — VNA/VNS Photo Trong Dat

HA NOI (VNS)— The Ministry of Industry and Trade (MoIT) has reported that steel production and consumption faced difficulties in January due to an imbalance in supply and demand.

Many businesses only managed to achieve 40-50 per cent of their production capacity, fuelling production costs.

Demands for steel after the Lunar New Year (Tet) holiday dropped significantly despite reduced sale prices. Purchasing power was rather low as most construction projects had been completed before Tet.

In January, iron and raw steel output was estimated at 236,800 tonnes, down 22.4 per cent against the same period last year, while rolled steel output was estimated at 309,800 tonnes, up 16.7 per cent, and 248,700 tonnes of steel bars were produced, down 3 per cent.

Some steel mills temporarily halted production during Tet to save operation costs, knowing market demand would not increase after Tet.

To ease business challenges and remove barriers, the steel sector should focus investment on the production of steel ingots to reduce dependence on imported materials.

As of January 25, MoIT temporarily imposed an anti-dumping tariff on some cold-rolled stainless steel products imported from mainland China, Indonesia, Malaysia and Taiwan.

Earlier, on January 1, MoIT passed regulations to apply national technical standards for steel-reinforced concrete, with the aim of protecting the legitimate rights of domestic producers and customers. — VNS


Send Us Your Comments:
Name:
Your E-mail address:
Title:
 

VietNamNews may edit your comments and not all emails will be published.

Highlight

President leads tribute to war hero who stood up to colonialism 1    President leads tribute to war hero who stood up to colonialism

President Truong Tan Sang yesterday attended a ceremony marking the 150th anniversary of the death of Truong Dinh, a national hero in the war against the French, in the Mekong Delta province of Tien Giang.

Viet Nam topple Japan in int'l Robocon finals Viet Nam topple Japan in int'l Robocon finals

The Lac Hong University Robocon team yesterday triumphed over their Japanese rival to take out this year's International Robocon contest in Pune, India.

How to eat to beat the heat: lessons from Asian tradition 2    How to eat to beat the heat: lessons from Asian tradition

At a recent English conversation get-together, I chose the topic - How to beat the heat? I also chose a second topic - Ways to calm down when one gets hot-headed.

Government refuses to give preferential policies to Vinalines in debt restructuring Government refuses to give preferential policies to Vinalines in debt restructuring

The Vietnamese Government will not make any preferential policies to support the Vietnam National Shipping Lines (Vinalines) during its restructuring plan.

Vietnamese lions to roar again Vietnamese lions to roar again

In the near future, foreign-style stone lions with fierce looks, large paws and sharp teeth are expected to be removed from relics, pagodas and temples throughout the country.