Vietnamese company Ha Tinh Steel cut production by 15%

Due to sluggish demand in Vietnam's domestic market and multiple sources of imports from China and South Korea, many Vietnamese steel mills have stopped or reduced production.

Vietnam's Formosa Ha Tinh Steel Corporation (FHS) was also hit by oversupply and tried to boost exports. However, demand from the US and Europe is also weak, and export performance is not as good as expected.

According to the FHS, they will cut production gradually. The first phase of production cuts could start from 15% to stabilize the domestic price in Vietnam. In addition, FHS will announce its new prices for December by November 15th and may check for new pricing announcements from Baosteel or other Asian mills.