Demand for steel is predicted to continue to fall in 2023 as a result of a stagnant real estate market and tightened monetary policy.

Both steel production and consumption fell in 2022, by 11.9 per cent and 7.2 per cent, against 2021. Finished steel production reached more than 29.3 million tons while steel consumption stood at 27.3 million tons.

Vietnam earned revenue of $7.99 billion from steel exports last year, a year-on-year decline of 35.85 per cent.

Key export markets are ASEAN (36.22 per cent), Europe (18.37 per cent), the US (10.57 per cent), South Korea (6.8 per cent), and Hong Kong (China) (4.1 per cent).