Posted on 16 Sep 2016
Vietnam imported about 12.6 million tons of steel worth US$5.3 billion in the first eight months of this year, up a staggering 27.3% year-on-year, according to the Ministry of Industry and Trade.
Steel imports are projected to reach about 22 million tons in all of 2016.
China remained the largest steel exporter to Vietnam in the January-August period, accounting for 50% of Vietnam’s total imports, followed by Japan, South Korea and Taiwan. Russia rose as Vietnam’s fifth biggest steel supplier.
In August, steel import prices from the three major markets of China, Japan and Russia kept increasing by 1.43-2.4% over July. However, Chinese steel products still dominated the local market.
In June alone, China manufactured nearly 400 million tons of steel, down 1.1% year-on-year, and shipped abroad 57.2 million tons, up nearly five million tons. The ministry was cited by the local news site VnExpress as reporting that China is producing less steel but increasing exports.
The industry-trade ministry decided to slap safeguard duties on imported steel ingots and long steel products until March 2020 after an upsurge in imports though domestic steel makers can meet half of the demand for these products.
