Steel imports from the UK increased 12-fold in August.

In August, Vietnam imported more than 1,000 tons of various types of iron and steel from the UK, a 12-fold increase compared to the same period last year, amidst record low prices for these commodities.

The UK is a market within the EU that has seen a dramatic increase in Vietnam's iron and steel imports. Customs data shows that in August, Vietnam imported 1,011 tons of various iron and steel products from the UK, worth $487,224, a 12-fold increase in volume and more than double the quantity compared to the same period last year.

In the first eight months of the year, Vietnam spent over $1.3 million importing 2,155 tons of iron and steel from this market, an increase of 240% in volume but a decrease of 16.3% in value.

The decline in value is due to a record drop in the price of steel imported from the UK. Over the first eight months, the average price of steel reached $613.6 per ton, a decrease of more than 75% compared to the same period in 2022.

Besides the UK market, China remains the largest supplier of iron and steel to Vietnam, accounting for over 57% of the total. In August, Vietnam imported more than 834,000 tons of various types of iron and steel from China, equivalent to over 536 million USD, representing increases of over 140% and 55% respectively compared to the same period last year.

In the first eight months of the year, China exported over 4.5 million tons of goods to Vietnam, worth $3.3 billion. Following closely behind were Japan (16.1%) and South Korea (8.9%).

In the first eight months of the year, Vietnam spent $6.5 billion to import 7.9 million tons of various types of iron and steel, a decrease of 3.3% in volume and over 26% in value compared to the same period in 2022.

According to experts, in the fourth quarter, increased public investment, key transportation infrastructure projects, and social housing projects will lead to a surge in domestic steel consumption.

Hong Chau

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