The domestic steel industry had an exciting year in 2021, with prices increasing by more than 40% compared to the beginning of the year despite domestic consumption slowing down due to the COVID-19 pandemic.
Many businesses in the industry had a breakthrough year thanks to the rise in selling prices and boost of export channels in the European market.
Some experts believe that steel prices will continue to stay at a high level, at least in the first half of 2022. Major economies such as the US, EU, and Japan are resuming their growth trajectories, which will lead to an increase in steel consumption.
According to the forecast of the Vietnam Steel Association (VSA), in the second half of 2022, steel prices may become more stable as supply disruptions are gradually resolved, helping to lower costs of transporting raw materials for steel production.
VTV
For more information, please contact Vietnam Trade Office in Singapore at [email protected]
