Steel Industry Review - Optimistic 2017 Outlook
​Trade protections have brought about remarkable improvement to the domestic steel industry. In 6M2017, the market consumed 6.9 million tons of construction steel, steel pipe and coated steel, 14.5% higher YoY. Regarding exports, VSA members sold a total volume of more than 1.3 million tons to overseas, increasing 44.8% YoY. Imports were around 7.5 million tons, 5% lower YoY in terms of volume but 22% higher in terms of value. It was evident that steel producers’ short term profitabilities were considerably improved thanks to the effects of the trade policies on the market prices, which we expect to remain in 2H2017. The VSA predicts that the consumption growth in 2H2017 is similar to that of 1H, at 12% YoY. In a longer term, the duties assist MoIT’s strategy for the steel industry, which encourages producers to invest in modern, well-developed steel mills in order to create more value added for the economy as well as to reduce the reliance on imports.
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