According to industry specialists, the decline in steel orders is a reaction to the stagnation in the real estate market and the hardening of the currency, as well as to the economic recession that many of the world’s export and import markets are going through. . .
In the case of Vietnam, according to the Ministry of Construction, the number of apartments eligible for construction fell by 41 percent in the first three quarters of 2022 compared to the previous year.
In the same year, production of finished steel in the country exceeded 27 million tons in the first 11 months, down 11 percent from the same period in 2021.
Recently, some major companies in Vietnam’s steel industry have curtailed their production activities, the National Steel Association confirmed.
On the other hand, demand in the Association of Southeast Asian Nations markets is expected to remain stable in 2023 after growing between four and six percent last year, although Vietnamese exports will be hit by increases in manufacturing capacity from Malaysia, Indonesia and Indonesia could the philippines.
jf/mpm