Vietnam's leading steel mills continue to cut production

Currently, the export market is dodging and the construction industry continues to fall, which could lead to further cuts in production at Vietnam's large steel mills.

Following the closure of four Hoa Phat blast furnaces, Vietnam's other leading steel mill, Formosa Ha Tinh Steel (FHS), plans to reduce production capacity by 15%.

On the other hand, Hoa Phat is also considering closing another blast furnace at Dungkuat at the end of December, which will be the fifth blast furnace shutdown among seven.

According to reports from local trading companies, further reductions in Hoa Phat production could have a big impact on the market; however, most reel centers are not designed for restocking due to current low demand.