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
- E-commerce race heats up with new player entering arena (December 19, 2024 | 16:03)
- Interest must rise for carbon exchange (December 19, 2024 | 16:00)
- Limitations abound for domestic EV carbon credits (December 19, 2024 | 15:00)
- Businesses pivotal in offsetting carbon measures in Vietnam (December 19, 2024 | 13:00)
- Coordination key for circular economy (December 19, 2024 | 10:56)
- Vietnam’s first logistics laboratory established (December 19, 2024 | 08:00)
- Masan Consumer Holdings honoured with consecutive "Great Place To Work" certifications (December 18, 2024 | 16:55)
- SABECO’s research facility a dream for its brewmasters (December 17, 2024 | 10:30)
- Digital twins reshaping Vietnam's logistics and supply chain landscape (December 17, 2024 | 09:34)
- Enterprises awarded for pioneering innovation to attract talent (December 16, 2024 | 16:43)
Mobile Version