It costs nearly 600 billion vnd per day to import steel
According to the latest information of the General Department of Vietnam Customs, from the beginning of 2017 to 15th March 2017, Vietnam spent $US 1.945 billion importing 3.516 million tons of iron and steel, equivalent to $US 26.3 million per day.
Notably, although imports of iron and steel decreased compared to the same period in 2016, the total value of imports increased sharply. Specifically, in the same period last year, Vietnam imported 3.687 million tons of iron and steel with the total value of $US 1.339 billion. Thus, the total import value of iron and steel increased by 45% over the same period of 2016, while the output decreased by nearly 5%.
A strong increase in value and a decrease in output led to an increase in the average price of imported steel. In particular, the average price of steel in 2016 was $US 363 per ton, while at the beginning of 2017, the average price of steel jumped into $US 553 per ton, an increase of more than 52%.
The steel import markets of Vietnam come from many countries and territories in the world but the largest import markets mainly come from Asia such as China with 1.534 million tons of steel, equivalent to the total value of $US 786 million (updated by the General Department of Vietnam Customs at the end of February 2017); Japan with 353,449 tons of steel, worth $US 206 million; Korea with 308,768 tons of steel, worth $US 204 million; Taiwan with 225,355 tons of steel, worth $US 120 million; and India with 211,723 tons of steel, worth $US 110 million.