China Iron and Steel continue massively into Vietnam

According to General Administration of Customs, in the first 2 months of 2017, Vietnam imported steel commodity groups increased by nearly 50% in value, however, rose only 0.2% in volume compared with the same period of 2016. Specifically, iron and steel imports in January reached nearly 2.74 million 2 tonnes, worth more than $ 1.49 billion. 
In particular, the import market this commodity's largest Vietnam is still more than 1.53 million Chinese with tons worth US $ 786 million. This figure increased by only 8% in volume but in terms of value increased by approximately 62% compared to the same period last year. Followed by South Korea with 304,000 market tonnes worth USD 202 million, up 18% in volume and 57% in value.

2016, steel imports amount to 18.4 million tonnes Vietnam, the total turnover of 8.02 billion USD. Among them, the Chinese market reached 10.9 million tons, worth more than $ 4.5 billion, accounting for 59% of total steel imports accounted for 55.5% of the country and the total value.

Faced steel imports in 2016, Steel Association Vietnam (VSA) has predicted that the industry will continue to experience difficulties in 2017, due largely dependent on the import of raw materials from other countries, especially is China. Some steel products such as hot rolled steel can not be produced in the country forced to import business entirely from abroad.

(Vnexpress 20/03/2017)