Vietnam's iron and steel imports reach record high.

In the first six months of the year, Vietnam imported more than 8.2 million tons of iron and steel, equivalent to over 5.9 billion USD, an increase of 48% in volume and 25% in value compared to the same period last year.

According to statistics from General Department of Customs, import In June, Vietnam imported over 1.2 million tons of iron and steel, valued at over $934 million, a decrease of 17% in volume and 17.3% in value compared to the previous month.

In the first six months of the year, Vietnam imported over 8.2 million tons of iron and steel, equivalent to more than 5.9 billion USD, a sharp increase of 48% in volume and 25% in value compared to the same period last year. The import price in June reached 727 USD/ton, a decrease of 17% compared to June 2023.

Source: General Department of Customs

In terms of import markets, Vietnam imports the most iron and steel from China, with 5.7 million tons in the first six months of the year, equivalent to over 366 million USD, a sharp increase of 86% in volume and 59% in value compared to the same period in 2023. Import prices also recorded a decrease of 14% compared to the same period, reaching over 641 USD/ton.

In the first six months of the year, Vietnam's iron and steel imports reached a record high.

Japan ranks second among steel suppliers to Vietnam with 878,851 tons of iron and steel, equivalent to over $878 million, a decrease of 2% in volume but a sharp increase of 24% in value compared to the same period in 2023. The average import price reached $1,000 per ton, a sharp increase of 27% compared to the previous year.

South Korea is Vietnam's third largest supplier of iron and steel, with 568,335 tons and a value exceeding $540 million, representing an 11% increase in volume but only a nearly 1% increase in value compared to the same period last year. The import price reached $951 per ton, a 9% decrease compared to the first six months of 2023.

Regarding domestic production, in 2020, output... steel Vietnam's crude steel production reached 19.9 million tons, helping Vietnam rise to 14th place in the world and leading ASEAN in finished steel consumption with 23.3 million tons. By 2023, Vietnam is expected to rise to 12th place in the world in crude steel production with a production volume of 20 million tons.

According to data from the General Department of Customs, in June alone, Vietnam imported 886,000 tons of hot-rolled coil (HRC) steel, equivalent to 151% of domestic production. Notably, steel imports from China accounted for 77%. Overall, in the first half of the year, hot-rolled steel imports reached nearly 6 million tons, a 32% increase compared to the same period in 2023. This import volume is equivalent to 173% of domestic production, with steel imported from China accounting for 74%, and the remainder from South Korea, India, Japan, etc.

In the first six months, HRC imports totaled $3.46 billion, with China accounting for $2.5 billion. Regarding import prices, HRC from China was very low, averaging $560 per ton, approximately $15-20 per ton lower than domestic prices and $45-108 per ton lower than other countries.

According to the Vietnam Steel Association (VSA), the demand for hot-rolled steel in Vietnam is approximately 12-13 million tons per year. Domestic production capacity is currently around 9 million tons. The massive influx of imported steel, with imports sometimes exceeding domestic production by nearly 200%, has resulted in Vietnamese businesses losing market share in the hot-rolled steel market to imports.

The market share of HRC sales held by domestic companies such as Hoa Phat and Formosa decreased from 42% in 2021 to 30% in 2023 and is currently continuing to decline.

Steel industry experts also say that the Vietnamese steel industry, especially the production of high-quality steel and HRC steel, is at a disadvantage because, in the past, domestic production was not possible, resulting in zero import tariffs under international agreements and commitments.

Given the massive influx of cheap hot-rolled steel coil imports, businesses and experts believe that relevant agencies should continue to develop and improve the system of technical and quality management standards and technical barriers, while also implementing appropriate safeguards to prevent substandard steel products that do not meet safety and environmental technical standards from entering the Vietnamese market.

Source: https://baoquangninh.vn/nhap-khau-sat-thep-cua-viet-nam-tang-ky-luc-3310043.html