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Spent nearly $ 5 billion to imports of steel
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Iron and steel imports in July fell in both volume and value has made "cooling off" craze imported in 7 months. However, this figure has increased by over 30% yoy due to strong gains last month.
Latest statistics from the General Department of Customs show that in the first 7 months of 2016, Vietnam had imported 11.098 million tons with a value of 4.49 billion USD, up by 32.6% in volume and 0.8% in value.
Particularly in July, iron and steel imports decreased both in volume and value respectively 20.7% and 14%, reaching 1.459 million tonnes with a value of 705.939 million.
The same general trends, iron and steel exports in July fell 3.1 in volume and 1.6% in value. For the first 7 months, exports of iron and steel reached 1.858 million tons worth US $ 1.038 billion (up 30.8% in volume and 2% in value).
In the domestic market, according to the Vietnam Steel Association (VSA), due to the domestic construction demand should increase long steel production and consumption growth in the first 7 months of the year, reaching more than 25%. Thus, steel prices are expected to increase in the near future.
Specifically, in the first 7 months, the construction steel market sold nearly 4.5 million tons (an increase of approximately 25% over the same period), steel pipes sold more than 1 million tons (nearly 30%), religious metal plating and coating color than 1.5 million tons (nearly 34%) and sales of cold-rolled steel products also reached more than 1.13 million tons (nearly 30%).
"Prices of raw steel production in July and the first days of August was relatively stable. China continues to promote export policy after the move steel exports dropped earlier this year forecast to impact the global steel industry, "the report stated VSA.
According to Phan Thu
Customs
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18/8/2025
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