News Room - Steel Industry

Posted on 26 Aug 2009

Steel stocks rise as demand forecast to increase 20 pct

 

Huu Lien Asia Corp. and Ho Chi Minh City Metal Corp. rose on the Ho Chi Minh Stock Exchange Tuesday after the industry association forecast a 20 percent increase in domestic consumption this year. 

 

Huu Lien Asia, the fourth-biggest listed steel company on Vietnam’s main exchange, advanced 4.8 percent to close at VND28,300. Ho Chi Minh City Metal gained 4.8 percent to VND21,800, its highest point since June 16.

 

Vietnam steel consumption may climb about 20 percent this year to 3.8 million metric tons as the government’s stimulus packages have kicked off a recovery in construction projects, raising demand for steel products, Vietnam Steel Association Vice Chairman Nguyen Tien Nghi said in an interview Monday.

 

Hoa Sen Group, the second-biggest listed steel producer on the nation’s main stock market, advanced 4.8 percent to VND41,800. Vietnam Italy Steel Joint-Stock Co., the third-largest listed steel company, added 4.4 percent to VND71,000, its highest point since December 2007.