Steel exports increase sharply

Vietnam has exported 1.87 million tonnes of steel so far this year, up nearly 44.5 percent over the same period of 2010, announced Pham Chi Cuong, Chairman of the Vietnam Steel Association (VSA).

Of the figure, about 285,600 tonnes of steel ingot have been shipped abroad while the consumption volume of the product has reduced sharply in the domestic market.

According to Cuong, the steel export revenue in the past nine months reached US$1.3 billion. The increasing volume in steel exports shows a positive sign for the local steel industry, in which the supply currently doubles the demand, he said.

VSA is cooperating with businesses to boost steel export turnover to explore the opportunity arising from the increasing demand for steel in the global market. At present, Vietnamese steel is selling well in many countries, including the US, Thailand, Indonesia and Malaysia.

Source: VOV News

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