Steel prices are growing

World steel prices recovered, and last month Vietnamese steel exports also showed positive growth. The price of raw materials for steel production, such as iron ore and steel scrap, has risen sharply over the past three years and set a new price point.

According to the Vi kindst Nam Steel Association (VSA), steel production of all types last month exceeded 2.4 million tonnes, up 4.34 percent from the previous month and 15.6 percent from the same period last year.

Steel sales also exceeded 2.4 million tonnes, up 36.9 percent on October and 20.9 percent on the same period last year. Steel sales also set a record last month.

Exports in November were also better: export figures exceeded 478,300 tons, which is 21.52% more than in October and 40% more than in the same period last year.

However, steel production, sales and exports remained largely unchanged in 11 months.

In particular, steel production for eleven months increased by only 1 percent compared to the same period last year, reaching more than 23.3 million tons.

Steel sales in the first 11 months of this year are down almost 1 percent year-on-year, to over 21 million tonnes. Meanwhile, exports decreased by 2.8% compared to the same period in 2019, reaching 4.1 million tons.

In terms of the steel market, the price of iron ore at the beginning of this month increased by about 16-17 percent compared to the beginning of last month.

In November, the economy continued to recover in the new normal environment, while manufacturing, business, trade and consumption continued to be growth drivers for the steel market, VSA reported.

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