Ministry: Vietnam Steel Sales Triple in January
The Vietnamese Ministry of Industry and Trade has said that steel sales in January hit 310,000 tons-320,000 tons, nearly triple to early fourth quarter last year.
Nguyen Chi Cuong, chairman of the Vietnam Steel Association said steel market is recovering with rising sales after the government of Vietnam urged local banks to boost lending and VAT cuts.
However, Cuong forecast that there will not much big changes in steel prices this year as supply exceeds demand over the world.
Vietnam is forecast to see steel sales of nine million tons this year, up 2 per cent to 5 per cent on year.
The VSA has also proposed the government to review the process of licensing steel projects between 2007 and 2015. (New Hanoi, VNS)
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