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
- Firms enjoy cross-border advantages (November 03, 2024 | 16:15)
- Barriers remain as firms pursue e-commerce growth with EU (November 03, 2024 | 15:47)
- Vietnam Economic Pulse Forum discusses sustainable growth (November 01, 2024 | 17:30)
- Vietnam strengthens quality measurement standards cooperation with UAE, Saudi Arabia (October 31, 2024 | 17:18)
- Sanofi steps up efforts to boost community health in Vietnam (October 31, 2024 | 14:56)
- Vietnam SuperPort poised to elevate Vietnam's logistics capabilities (October 31, 2024 | 14:00)
- SABECO brands win big at 2024 International Beer Cup (October 31, 2024 | 11:10)
- Aramco and PetroVietnam sign collaboration framework agreement (October 31, 2024 | 10:30)
- WinCommerce posts net profit in third quarter (October 31, 2024 | 10:27)
- UAE's Presight to boost applied AI and digital transformation initiatives in Vietnam (October 31, 2024 | 10:26)
Mobile Version