5 June 2016

Vietnam has increased the volume of imported steel products

The Vietnamese Customs Service published April data. According to them, the imported volumes of steel products increased. They increased by 44.3% in annual terms, amounting to 1.59 million tons. Among suppliers to China continues to lead China. From the total volume of imports of steel products, it accounts for 54.2% per month. The key supplier of the April period is Japan. The volume of steel products amounted to 256.236 million tons. Growth in annual terms was 8.7%. South Korea delivered 139.433 million tons of steel products. The increase in annual terms was 6.1%.

As a result, the Ministry of Industry and Trade of the country at the end of April decided on anti-dumping duties. They will increase with respect to cold-rolled imports of stainless steel produced in Indonesia and China. Stake on stainless steel from Malaysia, on the contrary, will decrease. For Taiwan, rates will remain at the same level.

During the period from January to April, Vietnam increased imports of steel products. Its volume was 6.21 million tons. The indicators increased by 56.5% in annual terms. In April, the exported volumes of Vietnam amounted to 251.647 million tons of steel products. The growth of exports was 26.3% in annual terms. Thus, at present Vietnam ranks fourth among the largest importers of steel. He concedes only to Korea, the United States and the European Union. Almost 60% of steel imports over a four-month period accounted for Chinese products. The PRC increased sales by 60.9% compared to the same period last year. In general, 84.5% of purchases for this period fell on Japanese, Korean and Chinese supplies. At the same time, their April aggregate share fell to 79%.

Specialists give their explanation for the sharp increase in the volume of Vietnamese imports relative to last year. In their opinion, the reason lies in the rapid expansion of the domestic market. Growth rates in the construction and industrial sector lead Vietnam to one of the world's leading positions. The Vietnamese government to some extent protects national producers from competition. Since March 2016 in the country there are protective duties affecting procurement. Their size is 23.3%, the validity period is 200 days. Duties on long products accounted for 14.2%. Vietnamese steel exports for the four-month period amounted to 972.2 thousand tons.

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