Vietnam’s iron & steel imports increase

According to the General Department of Vietnam Customs, Vietnam imported around 1.23 tons of iron and steels with its total turnover at over US$ 664 million in January, reducing 17 percent in volume but increasing 19.7 percent in value compared to the same period of last year.
China and Korea are currently the first and second biggest iron & steel export market of Vietnam.

In January, the average iron & steel price imported from China costed US$ 505 per ton while the total volume of iron and steel from Korea increased 27 percent. Export turnover into Vietnam was also up to 54 percent compared to the same period of last year.
It noted that the number of iron and steel which was imported from India, Brazil and the United Kingdom increased higher than compared to the same period of last year.
According to Ministry of Trade and Industry, Vietnam’s iron and steel industry could meet demand of local market. However, they have to suffer consultatively competitive prices with same products of China. 

Therefore, in order to boost domestic iron and steel production, the ministry will continue assisting the domestic enterprises in balancing import-export turnover.

By Van Dieu- Translated by Huyen Huong

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