VOV.VN- The volume of steel imports into Vietnam leaped by 42 per cent during the first seven months of this year, as reported by the General Department of Vietnam Customs.

Illustrative photo (Source: internet) 

The country spent a total of US$5.64 billion on importing a combined 8.39 million tons of steel during the seven-month period, surging by 42 per cent on year. The average price of imported steel stood at only US$672.6 per ton.

China remained the largest provider of steel products for the country, accounting for 41.3 per cent of Vietnam’s total steel imports during the reviewed period. The Southeast Asian country imported 3.46 million tons from China, down 10.7 per cent on year, while the import price fell by 11.5 per cent.

Japan was the country’s second largest steel source with a volume of 1.2 million tons worth US$814.72 million. Steel imports from Japan saw drops of 7 per cent in volume and 10.4 per cent in turnover against the same period last year.

It was followed the Republic of Korea which provided 992,030 tons, a year on year decrease of 5.3 per cent, worth US$804.88 million.

While the three leading steel providers saw declines in volume, steel imports from other markets such as Taiwan (China), Turkey, Mexico, Belgium, Indonesia, and Malaysia, all went up.

Of note, steel products imported from Turkey reached 41,300 tons, valued at US$26.99 million. This represents a huge increase of 42.3 times in volume and 28.5 times in value.

Steel purchased from Mexico reached 5,693 tons in volume and US$3.53 million in value, surging by 23.5 times and 18.9 times, respectively.

Steel imported from Belgium, Indonesia, Malaysia, the Philippines, Australia, and South Africa all jumped by over 100 per cent in terms of both volume and turnover.

Elsewhere, steel imports from Saudi Arabia recorded only 83 tons, valued at US$0.06 million, plunging by 98 per cent in terms of volume and turnover.

According to the Vietnam Steel Association, the domestic steel sector remained steady in both price and production across the seven-month period, with an annual rise of 10 per cent in the domestic steel output and sales.

Steel exports rose by 4.8 per cent on year to reach 2.82 million tons during the reviewed period amid increasing trade remedies imposed by importing countries.