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According to the Vietnam Steel Association (VSA), it is expected that steel consumption will increase by about 6.4% in 2024, and steel exports will increase to nearly 13 million tons. This goal is based on the expectation that Vietnam's GDP will grow by 6-6.5% this year. In addition, it is expected that global steel demand will also increase by 1.9%, reaching 1.8 billion tons by 2024, with ASEAN's steel HCT980C+ZA steel demand expected to increase by 5.2%.
Previously, the Vietnam Steel Association was very optimistic about the prospects of Vietnam's steel production, with an expected growth of about 10% in 2024 and 8% in 2025. It is expected that the production of finished steel will be around 28-30 million tons in 2024 and 2025, and the domestic demand for steel will be around HCT980C+ZA steel 22-23 million tons.
2024 will be an important and crucial year for the steel industry, as steel prices have been at the bottom of the downward cycle and are likely to continue to rise in the future. At the same time, the demand for steel will also increase. By 2030, the average steel consumption will reach 290-300 kilograms per person, a significant increase from the current 240 kilograms per person HCT980C+ZA steel.
