Steel

The Tisco 2 project started in 2007 but has been suspended since 2013. (Photo: dangcongsan.vn) Hanoi (VNA) – A delegation of the Committee for Management of State Capital at Enterprises (CMSC) will meet with leaders of the China Metallurgical Group Corporation (MCC Group) in Beijing on March 18 to discuss the stagnant second-phase expansion of the Thai Nguyen iron and steel plant (Tisco 2). The working session will look into some issues related to the second-phase expansion project and clarify the viewpoints of the parties concerned with a view to soon reactivating Tisco 2 , a major project in Vietnam’s Thai Nguyen province that started in 2007 but has been suspended since 2013. The CMSC delegation, led by Chairman Nguyen Hoang Anh, is paying a working visit to China from March 13 to 19. In Guangzhou city of Guangdong province, the delegation met with representatives of the international cooperation department of the State-owned Assets Supervision and … [Read more...] about Committee to discuss shelved steel project with Chinese partner

Production and sale of the steel industry depend heavily on the implementation of real estate, bridge and road projects. — VNA/VNS Photo The price of construction steel is on the rise despite the fact that the demand for this type of construction material remains weak, insiders have said. The selling price of steel in Ha Noi is VND18 million (US$761) per tonne, which is approaching its peak recorded in mid-2022. Nguyen Van Sua, a steel industry expert, said that this year the steel price may not reach its peak as in 2022, but it is on the rise because the actual demand is not high. Production and sale of the steel industry depend heavily on the implementation of real estate, bridge and road projects. However, these projects are at standstill, he said. Hoang Cuong, an iron and steel dealer on Tam Trinh Street, Ha Noi’s Hoang Mai District, said since the beginning of this year, steel prices have increased seven times, with a total increase of about VND1.2 million per tonne. … [Read more...] about Steel price rises despite falling demand

On Tuesday, Hoa Phat Group hiked its prices for rebar steel by 0.95% to VND15.99 million ($678.55) per ton. Local steelmakers Viet Y, Viet Duc, Kyoei and Viet My all made similar adjustments, while Pomina’s price tag towered above at VND17.6 million, 10% higher than market average. Manufacturers said that steel prices, which are now at their highest point since August, have been rising since October last year due to an input materials shortage prompted by declining billet production. Steel billets are raw steel bars not yet processed for the market, and billet makers reduced production due to low prices in earlier months. Demand for steel will likely remains meager in upcoming months. Steel products sales in the first two months of 2023 plunged 23% year-on-year to 3.8 million tons, while exports dropped 10% to 1 million tons. Analysts at brokerage Mirae Asset Vietnam said that the steel market is largely dependent on the property sector, and the real estate market cooldown … [Read more...] about Steel prices surge in face of declining demand

Illustrative image (Photo: kpl.gov.la) Vientiane (VNA) – Laos’ total trade value in February was estimated at 962 million USD (excluding electricity export), according to Lao Ministry of Industry and Commerce. Of this, its export value stood at 505 million USD, mean a trade surplus of 48 million USD to the country. Laos’ key exports included cassava (85 million USD), mixed gold and gold bars (46 million USD), copper ores (35 million USD), and paper and related products (28 million USD). The country’s main imports consisted of diesel (83 million USD), mechanical equipment (31 million USD), vehicles (27 million USD), and steel and steel products (18 million USD). Vietnam ranked third among the Laos ’ export markets in the month with a total value amounting to 106 million USD. China remained the top export destination for the country and was followed by Thailand, with 173 million USD and 116 million USD, respectively. Vietnam was also the third among the … [Read more...] about Laos’ trade value reached 962 million USD in February

Thai officials searching for a radioactive cylinder missing from a power station said Monday that they had found traces of the dangerous material in a nearby steel foundry. The 25-kilo (55-pound) steel tube containing highly radioactive caesium-137 was reported missing from the coal-fired power plant in Prachinburi province, east of Bangkok, earlier this month. Officials said traces of caesium had been found at a foundry around 10 kilometres (six miles) away, though they were not sure whether the cylinder was intact. "We are not sure if the cylinder has already melted, but we found caesium at this steel melting plant," said Prachinburi governor Ronnarong Nakornjinda. He said that if it had been melted, the radioactive material would have been contained within a "closed" area, and that there was no sign of contamination nearby. A search was launched after staff at the power station reported the loss of the steel tube, roughly 30 centimetres (12 inches) long and 13 centimetres … [Read more...] about Traces of missing Thai radioactive matter located in foundry

Bangkok (VNA) – Thai officials announced that they had found a cylinder of Caesium-137 that went missing from a power plant in Sri Maha Pho district at a steel foundry in Prachinburi province, 150km east of Bangkok, reported The Nation newspaper. Ronnarong Nakornjinda, Governor of Prachinburi province, said that during the inspection of steel factories in the province on March 19, officials detected readings of radioactivity at the province’s largest steel foundry, in Kabin Buri district. The readings came from scrap metal that had been compressed into cubes ready to be smelted. Officials ordered the foundry to halt operations and all employees were asked to leave the facility. A perimeter has been set up to bar access to outsiders. An initial investigation of smelted material at the foundry found traces of Caesium-137 , he said. According to Ronnarong, Caesium-137 has a half-life of about 30 years and remains in the environment for 300 years. He warned that touching … [Read more...] about Thailand: Missing radioactive cylinder found

The second annual report on foreign investment in Vietnam for 2022 released earlier in March by the Vietnam’s Association of Foreign Invested Enterprises noted that the United States has decreased corporate income tax from 25 to 21 per cent, while also reforming investment licensing procedures. In addition, the US government is applying higher taxes on imported products to increase the competitiveness of several industrial sectors, such as energy, automobiles, steel, and aluminium. Vietnam may need to come up with new tactics to retain foreign investors, photo Le Toan Besides that, the US is also promoting a “prosperous economic network” that connects allied countries to build supply chains of products such as semiconductors and 5G-related technology. In Europe, some countries such as Germany and Italy have also unveiled policies to limit investment in overseas markets, while France is encouraging its enterprises to expand their operation in high-value sectors, such as … [Read more...] about Gains feasible through large-scale FDI

China is the main importer of many Vietnamese products. Therefore, China's market re-opening from January 8 brings great expectations to Vietnamese businesses, especially those exporting vegetables, fruits, seafood, fiber, cement, rubber, steel, textiles, and rice. According to Vietnam Fruit Vegetables Association (VinaFruit) General Secretary Dang Phuc Nguyen, China's restoration of customs clearance is good news for Vietnamese fruit and vegetable exporters, and helps import-export activities between the two countries gradually become bustling again. However, he also reminded Vietnamese businesses to make careful preparation when resuming their exports to this important market because China has applied new and strict regulations for imported goods. To Ngoc Son, deputy head of the MoIT’s Asia-Africa Market Department, said Vietnam should concentrate on measures to further promote exports to China through official channels. He recommended that localities and management agencies … [Read more...] about Vietnam works hard to boost exports to Chinese market

A cargo ship carries modules produced by Doosan Enerbility Vietnam (Doosan Vina) in the Dung Quat Economic Zone of the central province of Quang Ngai to the Cariflex IR Latex Asia Phase-1 project in OUE Downtown, Singapore. Photo courtesy of Doosan Vina Doosan Enerbility Vietnam (Doosan Vina), a high-tech industrial complex in Dung Quat Economic Zone of the central province of Quang Ngai, has delivered its first 11 modules to the Cariflex IR Latex Asia Phase-1 project in OUE Downtown, Singapore. These modules will serve as the facility of the latex distillation factory to produce medical gloves in Singapore. The modules were included in the Singapore Project SPRING project signed with DL E&C in 2022. According to Doosan Vina, 95 per cent of the project was completed two months after signing the contract, and the remaining 15 modules are currently producing in the final phases before sending to Singapore next month. Jang Hyun Seok, the Module Manager of DL E&C who is … [Read more...] about Doosan Vina exports 11 modules to Singapore

A production line of Hoa Phat. The company took the leading in the top 10 construction material companies of Viet Nam in 2023. — Photo courtesy of the firm The Vietnam Report JSC has announced the top 10 construction material companies of Viet Nam in 2023. The companies are Hoa Phat Group, Vicostone JSC, Viglacera Corporation, Hoa Sen Group, An Cuong Wood – Working JSC, Tien Phong Plastic JSC, Binh Minh Plastic JSC, Vicem Ha Tien Cement JSC, Siam City Cement Vietnam Ltd and Eurowindow JSC. The list was based on Vietnam Report’s independent research. Businesses are filtered out from the database in Vietnam Report's ranking studies in the construction industry with financial data updated to December 31, 2022, in combination with the use of Media Coding method and surveys, giving the most comprehensive, objective and complete assessments of the businesses during the recent period. Two years after the COVID-19 pandemic, amid unpredictable fluctuations, construction materials … [Read more...] about Top 10 Vietnamese construction material companies announced