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Vietnam Steel Industry Report - 2014

  • November 2014
  • -
  • Emerging Markets Direct Media Holdings
  • -
  • 30 pages

This report profiles Vietnam's steel industry, discussing market trends and outlook through 2013 and into 2014 and beyond. The report also highlights key leading players in the sector including Pomina Steel Corporation (POM), Hoa Sen Group (HSG), Vietnam Steel Corporation (VNSteel), Thai Nguyen Iron and Steel JSC (TISCO), and Dai Thien Loc Joint Stock Company (DTL).



The steel industry is one of the core industries of Vietnam which support development of the country, especially infrastructure development. Vietnam's unstable macroeconomic conditions and the impact of global economic slowdown in recent years caused domestic companies to fall into bad situations and brought many of them into the verge of bankruptcy. Vietnam's steel industry was affected by the negative effects of the following factors: volatile raw material prices, high interest rates and exchange rate fluctuations caused the production cost to go up; tight monetary and fiscal policies caused the demand to drop; and influx of cheap steel imports caused selling prices to remain stagnant.



Vietnam's steel industry showed signs of recovery in 2013 with steel demand growth of 7.4% y/y to 11.8mn tonnes, making it the third-largest steel consuming country in ASEAN. Vietnam Steel Association (VSA) estimates the growth of domestic consumption for steel products to increase in 2014 amid controlled inflation and interest rate cuts which will lead to higher demand from the construction and real estate sectors. This has also contributed to the recovery of selling prices and declining inventories.



Local steel companies still have trouble accessing bank loans to expand production and many suffer from high financial expenses and low gross margins. Besides, volatile prices and short-term excess of supply continues to exert pressure on profit growth. Potential for long-term expansion of the Vietnamese steel industry is strong, but it still faces a lot of difficulties. Bad debts of banks and the rebound of real estate market will not be easily resolved in the short-term.



Key Points:



o Vietnam's steel consumption increased 7.4% y/y to 11.77mn tonnes in 2013. As steel demand rises and stock declines, the VSA predicts that the steel industry will record a 7-10% consumption growth in 2014.



o Tight government policies, excess supply and rigid competition from low-priced Chinese imports forced several steel companies to cut their prices and operate below full capacity.



o Steel exports made good progress in recent years with an increase of 17% y/y to 2.5mn tonnes in 2013, mainly attributed to export promotion schemes and attractive prices.

Table Of Contents

Vietnam Steel Industry Report - 2014
1. Industry profile

1.1 Global overview

1.2 ASEAN overview

1.3 Country overview

1.3.1 Market situation

1.3.2 Consumption

1.3.3 Production

1.4 Steel scrap



2. Market trends and outlook

2.1 Imports and exports

2.2 Tax regime

2.3 Foreign investment

2.4 Steel Industry Development Master Plan

2.5 Prices

2.6 Market outlook



3. Leading players and comparative matrix

3.1 Leading players

3.1.1 Pomina Steel Corporation (POM)

3.1.2 Hoa Sen Group (HSG)

3.1.3 Vietnam Steel Corporation (VNSteel)

3.1.4 Thai Nguyen Iron and Steel JSC (TISCO)

3.1.5 Dai Thien Loc Joint Stock Company (DTL)

3.2 Comparative matrix

3.3 SWOT analysis



4. Tables and charts

Table 1: Global apparent steel use (ASU) for finished steel products (2013-2015)

Table 2: Global crude steel production (mn metric tonnes) (2010-9M2014)

Table 3: Top 10 steel producing countries (mn metric tonnes) (9M2014)

Table 4: Top 10 apparent steel use per capita countries in 2013 (kg)

Table 5: ASEAN apparent steel consumption (metric tonnes) (2013 vs. 2012)

Table 6: ASEAN projected iron and steel production capacity (mn tonnes)(2010-2014)

Table 7: Vietnam key economic indicators (2007-2013)

Table 8: Vietnam apparent steel consumption of total steel products

(metric tonnes) (2009-2013)

Table 9: Vietnam apparent steel consumption by finished steel products (tonnes)

(2009-2013)

Table 10: Vietnam total production of finished steel products (metric tonnes)

(2009-2013)

Table 11: Scrap demand and supply (metric tonnes) (2012 vs. 2013)

Table 12: Vietnam imports of iron and steel products (metric tonnes) (2009-2013)

Table 13: Vietnam exports of iron and steel products (metric tonnes) (2009-2013)

Table 14: Vietnam import duties of selected steel products under AFTA and

ACFTA

Table 15: Large-scale steel projects in the pipeline in Vietnam

Table 16: Vietnam's Steel Industry Development Master Plan targets (2015-2025)

Table 17: Pomina Steel Corp financial highlights (2012-1H2014)

Table 18: Hoa Sen Group financial highlights (2012-9M2014)

Table 19: VNSteel operational highlights

Table 20: TISCO financial highlights (2012-1H2014)

Table 21: Dia Thien Loc financial highlights (2012-1H2014)

Table 22: Leading players' comparison of key financial ratios



Chart 1: Top 10 steel producing companies in 2013

Chart 2: ASEAN production, import, export and consumption (2007-2013)

Chart 3: Vietnam steel consumption by industries

Chart 4: Vietnam steel production and consumption (2003-2013)

Chart 5: Vietnam import and export of iron and steel products (2003-2013)

Chart 6: Vietnam import value of iron and steel products (2002-2012)

Chart 7: Global steel price (RHS) (May 2013-May 2014)

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