Posted on 11 Nov 2022
Due to sluggish demand in Vietnam's domestic market and many low import sources from China and South Korea, many of Vietnam's steel mills stopped or reduced production these days.
Vietnam’s Formosa Ha Tinh Steel Corporation (FHS) also suffered from oversupply and tried to increase export volume. However, the demand from the US and Europe is also not good and the export performance is not good as expected.
According to FHS, they will cut production gradually. The first step of the production cut might be started from 15% in order to stabilize the domestic price in Vietnam. Besides, FHS will announce its new prices for December before November 15 and might observe the new price announcements from Baosteel or other Asian mills.
Source:Yieh
