Viet Dragon Securities - Analyst Pin-board Steel industry update – Strong recovery in the domestic market

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Viet Dragon Securities

Son Tran

Analyst Pin-board Steel industry update – Strong recovery in the domestic market

Total steel consumption grew strongly in 10M2021, mainly driven by high export volume in both coated and construction steel.
Domestic consumption has recovered in October in major segments after the easing of social distancing measures in the South.
Construction steel selling volume rose in October driven by both high growth in exports and domestic sales. Producers sold roughly 1.2 million tons, increasing by roughly 60% YoY.
Recovery in the domestic market boosted steel pipe sales and supported coated steel consumption to remain at a high level.
Total steel consumption grew strongly in 10M2021, mainly driven by high export volume in both coated and construction steel. In 10M2021, the steel industry (including construction, coated and steel pipes) produced 17.4 million tons of steel, sold 16.7 million tons, of which 4.8 million tons were exported, increasing by 11.4%, 9.7%, and 75.4% YoY respectively. Notably, construction and coated steel export volume grew by 54.9% YoY and 109.7% YoY. Meanwhile, as the construction industry slowed down, domestic consumption of construction steel decreased by 6.1% YoY. Coated steel selling volume in the domestic market also fell by 11.5% YoY in 10M.

25/11/2021 7 EN

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Viet Dragon Securities

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Analysts

Son Tran

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Analyst Pin-board Steel industry update – Strong recovery in the domestic market

CTG - Solid Growth Outlook as Provisioning Pressures Subside

BREAKING ABOVE 1,300 POINTS

Comparison of domestic natural gas and LNG fuel sources

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