Steel imports rise to all-time record high
 |
Businesses imported 7.5 million tons of steel in the first four months of this year, up 48% against last year’s same period, according to a statement issued on June 12 by the Vietnam Steel Association (VSA).
Chinese businesses accounted nearly 60% of the total imported volume, said the VSA.
A huge volume of steel ingots and finished steel products were imported into Vietnam in spite of the imposition of temporary safeguard duties of 23.3% on steel ingots and 14.2% on finished steel products during the four-month period.
This spike in imports was largely attributed to high demand by the steel industry for semi-finished steel products, including hot-rolled steel, which Vietnam is as yet unable to produce.
Consequently, businesses across the country are forced to procure eight to nine million tons of hot-rolled steel annually from overseas sources to meet their needs for production, said the VSA.
| RELATED CONTENTS: | |
 |
VN steel firms to pay US tax |
|
Steel firms need import safeguards |
What the stars mean:
★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional
Latest News
More News
- Localities on first step towards training microchip labour force (April 25, 2024 | 13:00)
- Agricultural produce seeks to conquer e-commerce market (April 25, 2024 | 10:15)
- Hai Long Construction's successful 25-year journey (April 25, 2024 | 08:00)
- E-commerce platforms help to spread agricultural value (April 25, 2024 | 07:30)
- Standard Chartered revises down Vietnam's 2024 GDP growth forecast to 6 per cent (April 24, 2024 | 15:04)
- Vincom Retail retains brand name following Vingroup divestment (April 24, 2024 | 15:00)
- Veterinary drugmakers seek time and cost-saving policies (April 24, 2024 | 11:36)
- Crucial small business arena to receive reduced CIT boost (April 24, 2024 | 11:12)
- Gaw Capital bets on “China plus one” opportunities in Vietnam (April 24, 2024 | 09:00)
- Softening demand to limit 2024 trade (April 24, 2024 | 08:00)
Mobile Version