A steel factory (Photo: VNA)Hanoi (VNA) – The steel sector islooking for ways to boost domestic sale and export to reduce inventories, whichhave been increasing in the first quarter.
According tothe Vietnam Steel Association (VSA), more than 576,000 tonnes of constructionsteel remained unsold as of the end of March 2017, up 17 percent over the amountat the end of the previous month.
In the first quarter of 2017, the sectorproduced over 4.63 million tonnes of steel, a year-on-year rise of 18.8percent, and sold over 3.76 million tonnes, a yearly increase of 6.5 percent.
It is expected to produce 4.5 million tonnes ofsteel and sell 4.1 million tonnes in the second quarter of this year.
Vice Chairman of the VSA Nguyen Van Sua saiddomestic businesses have to compete with cheap imported products.
Meanwhile, many countries such as the US,Australia, Thailand and Malaysia are intensifying trade protection measures andimposing high tariffs on Vietnamese-made steel products, he said.
Domestic businesses are fiercely competing withone another to maintain their market shares at home.
The VSA advised enterprises to keep a closewatch on the domestic and global market developments to make flexibleadjustments to production plans and sale policies, as well as seek new exportmarkets.
The association also called on ministries to tightenmanagement of quality of steel products on the market, reduce the import ofcheap steel, fight trade fraud, and create a level environment for domesticcompanies.
The Ministry of Industry and Trade has recently takena number of trade defence measures to protect local manufacturers, including slappingan import tariff of 21.3 percent on steel billets within one year, from March22, 2017 to March 21, 2018.
The ministry has also imposed anti-dumpingtariffs on galvanized steel products imported from China and the Republic ofKorea.
The ministry will keep a close watch of themarket in order to make timely response to new developments.-VNA
According tothe Vietnam Steel Association (VSA), more than 576,000 tonnes of constructionsteel remained unsold as of the end of March 2017, up 17 percent over the amountat the end of the previous month.
In the first quarter of 2017, the sectorproduced over 4.63 million tonnes of steel, a year-on-year rise of 18.8percent, and sold over 3.76 million tonnes, a yearly increase of 6.5 percent.
It is expected to produce 4.5 million tonnes ofsteel and sell 4.1 million tonnes in the second quarter of this year.
Vice Chairman of the VSA Nguyen Van Sua saiddomestic businesses have to compete with cheap imported products.
Meanwhile, many countries such as the US,Australia, Thailand and Malaysia are intensifying trade protection measures andimposing high tariffs on Vietnamese-made steel products, he said.
Domestic businesses are fiercely competing withone another to maintain their market shares at home.
The VSA advised enterprises to keep a closewatch on the domestic and global market developments to make flexibleadjustments to production plans and sale policies, as well as seek new exportmarkets.
The association also called on ministries to tightenmanagement of quality of steel products on the market, reduce the import ofcheap steel, fight trade fraud, and create a level environment for domesticcompanies.
The Ministry of Industry and Trade has recently takena number of trade defence measures to protect local manufacturers, including slappingan import tariff of 21.3 percent on steel billets within one year, from March22, 2017 to March 21, 2018.
The ministry has also imposed anti-dumpingtariffs on galvanized steel products imported from China and the Republic ofKorea.
The ministry will keep a close watch of themarket in order to make timely response to new developments.-VNA
VNA
