Steel Industry – Benefits from the after effects of the pandemic
Key points:
- Steel exporters can seize opportunities in the coated steel segment.
- Public investment in infrastructure projects can support steel demand.
- FDI inflows can bring some growth potentials in the long run.
- The new capacity will lead to harsh competition and put pressure on small-and-medium producers.
We believe that the steel market’s consolidation will only benefit HPG in the long run. In the short run, as commodity prices have been rallying due to various reasons, other Vietnamese steel producers including HSG, NKG, and SMC can have some outperforming quarterly results. Investors need to monitor steel prices closely to make investment decisions on these mid and down-stream producers who are highly dependent on commodity price fluctuations.
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