Vietnam’s April finished steel sales fall 17%

          Vietnam's finished steel sales for April was at 1.72 million mt, falling 17% month on month, or 16% lower year on year, latest figures from the Vietnam Steel Association showed.

          Steel production output totaled 1.85 million mt during the month, down 13% from March, or 15% lower year on year.

          Cumulatively, January to April sales figure stood at 6.74 million mt, declining 13% year on year, while production output was at 7.58 million mt, down 8.4%.

          In terms of exports, finished steel volumes stood at 1.29 million mt for the first four months, plunging 25% against the same period in 2019.

          Year on year, January to April volumes for iron and steel exports to top destinations fell considerably with Cambodia at 363,791 mt (down 38%), Indonesia at 196,670 mt (down 29%), Malaysia at 202,424 mt (down 17%), and the US at 45,784 mt (down 76%), according to latest customs figures.

          On the contrary, export volumes to China surged nine folds to 303,484 mt, and increased to other destinations like Thailand at 181,107 mt (up 36%) and the Philippines at 176,112 mt (up 44%), though unable to make up for the shortfall for the overall decline.

          April's dismal performance was partly brought about by social isolation measures which saw the halting of non-urgent construction works, and plant stoppages at various automobile manufacturing lines.

          Average April prices for construction steel however, remained relatively sideways, with rebar inching down by only $7/mt from March.

-- Clement Choo, Samuel Chin