VNSTEEL Sets the Target of 3.095 Million Tonnes of Finished Steel Output in 2024
- 135
- Business
- 15:50 18/01/2024
DNHN - Based on forecasts and assessments of the market situation, VNSTEEL has set a target of 3.095 million tonnes of finished steel output in 2024, assuming favourable market conditions.
2023 was a challenging year for the Vietnamese steel industry, impacted by both domestic and international factors. The real estate market, the main outlet for domestic steel, continued to experience a downturn, with some segments even freezing due to legal bottlenecks, difficulties in accessing credit from banks, and declining household incomes.
The public investment channel was also not optimistic due to low disbursement rates and reduced demand for steel in highway projects. The export market faced strong competitive pressure from cheap Chinese steel flooding the global market.
With weak demand, the average price of most types of steel on the world market in 2023 decreased by 12-15% compared to 2022. Overall, iron ore prices increased sharply at the end of the year but still decreased slightly by 0.34% compared to 2022.
At the end of 2023, VNSTEEL saw a 13% decrease with more than 2.93 million tonnes of finished steel consumed, of which construction steel decreased by 20% and flat steel increased by 17%. In December 2023 alone, consumption output increased by 23% compared to the same period in 2022.
Moving into 2024, VNSTEEL forecasts that the steel market will continue to experience unpredictable fluctuations amidst a challenging global economic growth outlook. However, according to the World Steel Association, global steel demand is expected to grow by 1.9%, while the ASEAN and European regions are projected to see growth of 5.2% and 5.7% respectively.
With Vietnam’s socio-economic development plan for 2024, VNSTEEL expects domestic steel demand to recover and grow by 7% compared to 2023. The recovery is expected to be more evident in the second half of 2024 as the real estate sector in Vietnam gradually recovers.
To achieve this goal, VNSTEEL is committed to maximising all resources, promoting proactiveness and creativity, and driving the emulation movement to exceed the targets set for 2024.
PV
Related news
- Practical applications of carbon credits in the economy. Part XXI:Carboncor Asphalt - An effective solution for Vietnam to achieve net zero emissions
- Ho Chi Minh City allocated funding to support small and medium enterprises in digital transformation
- Real estate businesses and macroeconomic challenges
- VINASME and VISA collaborated to promote financial solutions for small and medium-sized enterprises
- Vietnamese brands reaching international markets
- Hòa Phát Group leaders receive major pay hike during steel market crisis
- Apartment prices continue to rise far beyond workers' incomes
- Ho Chi Minh City: Economic recovery, yet the number of businesses exiting the market remains high
- General Secretary and President Tô Lâm: "Although it is a small and medium-sized business community, it is very large..."
- Practical applications of carbon credits in the economy. Part XI: Bridging policy and strategy for the carbon credit market
- Vietnamese users pay special attention to security when using OTT applications
- Is the gold price stabilization policy truly effective?
- Yen Bai: Implementing the plan to manage and eliminate ozone-depleting substances and greenhouse gases
- FPT's strategic expansion in Japan
- Mastering Real Estate Business Law to be ready for the next growth cycle
- The Vietnam Association of Small and Medium Enterprises honors an audience with the General Secretary and President Tô Lâm
- Practical applications of carbon credits in the economy. Part XIX: Training human resources - A strategic and urgent task for the carbon credit market
- Dr. Tran Xuan Luong: Real estate businesses lacking resources will be eliminated from the game
- "Vietnam's startup ecosystem in 2024 remains on a path of promising development"
- Export-import credit is entering a “busy season”
Đọc thêm Business
Dongtam Group partners with CS Wind Corp to build a wind power equipment factory
Dong Tam Group (DTG) and CS Wind Corporation (CS WIND) have officially signed a Memorandum of Understanding (MOU).
Young entrepreneurs innovating but must ensure stable business foundations
"The world is undergoing significant changes, bringing both opportunities and challenges for businesses, especially in fields such as artificial intelligence, international trade, and investment"
Why is Vietnam always attractive to foreign businesses?
Vietnam attracts foreign businesses thanks to its favorable investment environment, abundant labor, and competitive costs. Open-door policies and free trade agreements also enhance the country's appeal to global investors.
Apartment prices continue to rise far beyond workers' incomes
Apartment prices continue to rise sharply, increasingly out of reach for workers' incomes. This gap not only creates significant financial pressure but also makes homeownership increasingly difficult for the majority of people.
The stock market faces increasing selling pressure, VN-Index sank into the red
The strong selling pressure across the market, especially in the blue-chip stocks, has caused the VN-Index to drop sharply, even falling below the 1,270-point mark at times.
VREC and HREC create opportunities for member businesses to connect with Nippon Paint Vietnam
Recently, at the headquarters of Nippon Paint Vietnam, the Vietnam Real Estate Club (VREC) and the Ho Chi Minh City Real Estate Club (HREC) successfully organized a networking event for member businesses.
Cash flow real estate: New investment trend in 2024
Cash flow real estate has become an investment trend in 2024 due to its stable profitability from leasing and business operations. Interest in this type of real estate demonstrates the demand for sustainable profits in an uncertain economic context.
Is the gold price stabilization policy truly effective?
Dr. Bùi Duy Tùng, an Economics lecturer at RMIT University, assesses the pros and cons of the gold price stabilization policies implemented by the State Bank of Vietnam (SBV) in recent times.
Why is there a need for a development proposal in the field of cultural industries?
In the context of globalization and the booming creative economy, cultural industries are increasingly important in national development strategies. Vietnam needs a development proposal in this field to tap into its potential.
Mastering Real Estate Business Law to be ready for the next growth cycle
In the context of the changing real estate market alongside new legal regulations, understanding the Real Estate Business Law is a crucial factor for businesses and investors to seize opportunities and prepare well for the new cycle.