Imports of iron and steel from China surged by nearly 400%.

(HQ Online) - China was Vietnam's largest source of iron and steel imports in the first month of 2024, and also the market with the strongest growth.

Imports of iron and steel increased sharply in early 2024. Photo: T.Binh.

According to preliminary statistics from the General Department of Customs, in the first half of February (February 1-15), the whole country imported 417,076 tons of iron and steel, with a total value of 310 million USD.

Overall, from the beginning of the year to February 15th, the whole country imported more than 1.9 million tons of various types of iron and steel, with a total value of 1.37 billion USD.

Compared to the same period last year, the volume of iron and steel imports increased by more than 88%, while the value increased by 56.6%.

Thus, the average value of iron and steel imports in early 2024 was lower than the same period last year (due to the volume increasing more than the value).

Specifically, the average import value at the beginning of 2024 reached over $720 per ton, while in the same period last year it was nearly $870 per ton.

Regarding import markets, China is Vietnam's largest supplier of iron and steel.

According to the General Department of Customs' update on the market up to the end of January 2024, the amount of iron and steel imported from China alone reached over 1 million tons, an increase of 377% in volume (equivalent to an increase of nearly 800,000 tons); the value reached 635.66 million USD, an increase of 247% (equivalent to an increase of more than 450 million USD).

Thus, in January, iron and steel imports from China alone accounted for 67.6% of the country's total iron and steel imports.

Source: https://haiquanonline.com.vn/nhap-khau-sat-thep-tu-trung-quoc-tang-dot-bien-gan-400-183549.html