Vietnam is forecast to see an on-year increase in steel sales of 27%-28% to 5.2 million tons this year, the Ministry of Industry and Trade (MoIT) said.

Members of the Vietnam Steel Association (VSA) are estimated to sell between 300,000 and 320,000 tons of steel monthly in the fourth quarter, raising their total sales to over four million tons this year, the ministry said. Together with steel sales of non-VSA members, the country’s total steel consumption will reach 5.2 million tons this year, the MoIT elaborated.

The VSA’s members sold 3.05 million tons of steel and made 2.9 million tons in the first nine months of this year, the ministry said, adding that they now report 180,000 tons of finished steel and 450,000 tons of steel ingot in stock. Recently, Chairman of the VSA Pham Chi Cuong estimated that Vietnam’s total steel production capacity will be eight million tons by the end of this year, resulting in the country’s huge steel surplus of three million tons.

(Trade & Industry, Saigon Marketing)