Steel imports from China increased by more than 370%

67.6% of iron and steel imported from China

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

In total, from the beginning of the year to February 15, the country imported more than 1.9 million tons of iron and steel of all kinds, with a total value of 1.37 billion USD.

Nhập khẩu sắt thép từ Trung Quốc tăng hơn 370%- Ảnh 1. — The steel industry hopes that state management agencies will take appropriate measures to contribute to protecting domestic production.

Compared to the same period last year, the volume of imported iron and steel increased by more than 88%, and the value increased by 56.6%. The average import value was more than 720 USD/ton, while in the same period last year it was nearly 870 USD/ton.

Vietnam mainly imports iron and steel of all kinds from the Chinese market. The General Department of Customs' update according to the market by the end of January shows that the amount of iron and steel imported from China reached more than 1 million tons, an increase of 376% in volume (an increase of nearly 800,000 tons); the value reached 635.66 million USD, an increase of more than 247% (an increase of more than 450 million USD) compared to the same period in 2023.

In January, the amount of iron and steel imported from China accounted for 67.6% of the total amount of iron and steel imported into the country.

Previously, according to the Center for Industry and Trade Information (Ministry of Industry and Trade) based on data from the General Department of Customs, in 2022 and 2023, among the 10 countries supplying steel to Vietnam, China was always in the number 1 position.

Specifically, in 2022, imports of finished steel products of all kinds from China will reach more than 5 million tons, equivalent to nearly 5 billion USD, accounting for 43.64% and 41.65%, respectively. In 2023, imports of finished steel products of all kinds from China will be more than 8.2 million tons, equivalent to more than 5.65 billion USD, accounting for 62.18% and 54.21%, respectively.

Concerns about shrinking market share

Speaking with Thanh Nien this afternoon, March 1, a representative of the Vietnam Steel Association said that in recent years, steel imports from China have decreased, but there are signs of an increase in the second half of 2023.

"Evaluating steel imports from China must consider many factors such as product types, average prices, etc. However, in terms of import volume alone, the proportion in the first month of the year is very high. Normally, the average import volume from China only accounts for about 50%, sometimes even falling to more than 40%," emphasized a representative of the Vietnam Steel Association.

Talking about the reason for the sharp increase in steel imports from the Chinese market, this person analyzed: recently, China's economic growth has slowed down, the real estate market has even "frozen", causing weak demand for steel consumption.

"Demand in the domestic market is weak, but China produces several million tons of steel per day, equal to the output of Vietnam's steel industry in a month, leading them to have to boost exports and put pressure on many markets, not just Vietnam," said a representative of the Vietnam Steel Association.

A large steel company also said that China has a surplus of steel so it is looking for ways to push its products to the world market. ASEAN, including Vietnam, is a market close to China, convenient for export, which is the reason why so much Chinese steel has flooded into Vietnam from the end of last year to the beginning of this year.

"For normal steel products, Vietnam has more than enough capacity to produce, there is no shortage of supply. The steel market in the first months of this year has not been active. A lot of imported steel will affect domestic manufacturers. The market pie is only so big, with more Chinese goods, of course domestic businesses will have more difficulty selling," he shared.

Steel industry enterprises also expressed their hope that state management agencies will evaluate and consider the increase in steel imports from China, and at the same time propose appropriate measures to contribute to protecting domestic production.

Source link