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Tuesday, June 25, 2024

Construction steel sales rise despite economic woes

The Saigon Times

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HCMC – Sales of construction steel in September grew 9% against the month earlier and 4% year-on-year to 958,560 tons, according to the Vietnam Steel Association.

This construction steel sales growth is meaningful given the tough economic conditions at home and abroad. It is ascriable to the Government’s boost in public spending.

While the overall market demand for steel products remains lackluster, September saw the highest sales level of 2023. Multiple big-ticket infrastructure projects have got off the ground, such as the North-South Expressway and new airports.

In terms of construction steel production in September, it stood at 876,043 tons, a 6% decrease compared to August and a substantial 20% drop when compared to September 2022.

In the first nine months of this year, construction steel production totaled 7.72 million tons, up 21.6% versus the same period in 2022. Sales during this period reached 7.74 million tons, dropping by 20% year-on-year.

As for crude steel production in September, it reached 1.66 million tons, down 6.2% from August but a 3.3% increase versus the same period last year. Consumption figures reached 1.72 million tons, up 11% over August and 17% against September 2022.

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