Nam Son Steel Corporation (Vietnam)

The subject - NAM SON STEEL CORPORATION engages in trading kinds of steel products (rolled steel, steel bar, steel plate, corrugated roll). The subject imports its products from China, South Korea, UK, Japan, Hong Kong, Malaysia, etc. And then, they are consumed in domestic market.  In 2023, charter capital has increased to VND 613,135,000,000. From March 2023 to early November 2023, steel product prices have had 19 adjustments, decreasing by more than 14%, the price fluctuated around VND 13.7 million/ton, the lowest in the past 3 years. The reason why domestic steel prices continuously decrease is due to slow consumption demand, the number of civil projects being started is small, public investment activities are gradually being promoted but not enough to help the steel market better. Meanwhile, domestic manufacturers still have to compete with cheap steel from China when this country continuously lowers export prices. The Vietnam Steel Association (VSA) believes that public investment and a warming real estate market will positively support steel demand in the last months of the year. Specifically, VSA said that finished steel product production in November 2023 reached nearly 2.5 million tons, up by 3% compared to October and up more than 34% over the same period in 2022. Steel consumption of all types reached more than 2.5 million tons, up by 13% over the previous month and up by 30% over the same period in 2022. In the first 11 months of 2023, steel production reached 25 million tons, down nearly 8% over the same period. Steel consumption is nearly 24 million tons, down nearly 6% over the same period. Of which, Vietnamese enterprises exported more than 7.4 million tons of steel, up by 29% over the same period last year. Main export markets are ASEAN, EU, USA, India and Taiwan...It is forecasted that in the second half of 2023, the profits of steel industry enterprises may improve compared to the second half of last year. However, up to now, steel industry enterprises should not be too optimistic because market demand for domestic steel products in general is still weak and has not improved much.