In August, Vietnam imported more than 1,000 tons of iron and steel of all kinds from the UK, a 12-fold increase over the same period last year, amid record low prices for this commodity.
The UK is a market with a leap in steel imports from Vietnam in the EU. Customs data shows that in August, Vietnam imported 1,011 tons of various types of steel from the UK, worth 487,224 USD, a 12-fold increase in volume and more than double in output compared to the same period last year.
In the first 8 months of the year, Vietnam spent more than 1.3 million USD to import 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 decrease in value is due to the record low price of imported steel from the UK. The average price of steel in 8 months reached 613.6 USD per ton, down more than 75% compared to the same period in 2022.
Apart from the UK market, China is still the largest supplier of iron and steel to Vietnam, accounting for more than 57% of the proportion. In August, Vietnam imported from this country more than 834,000 tons of iron and steel of all kinds, equivalent to more than 536 million USD, respectively increasing by over 140% and 55% compared to the same period last year.
In the first 8 months of the year, China exported more than 4.5 million tons worth 3.3 billion USD to Vietnam. Japan followed with 16.1% and South Korea with 8.9%.
In the first 8 months, Vietnam spent 6.5 billion USD to import 7.9 million tons of iron and steel of all kinds, down 3.3% in volume and more than 26% in value compared to the same period in 2022.
According to experts, in the fourth quarter, the promotion of public investment, key transport infrastructure projects, and social housing projects will increase domestic demand for iron and steel.
Hong Chau
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