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Vietnam spends more than 6 billion USD on importing iron and steel

15:37 | 17/10/2020

After 9 months of this year, the amount of iron and steel imported into Vietnam decreased slightly over the same period last year.

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vietnam spends more than 6 billion usd on importing iron and steel
Vietnam still buys the highest amount of iron and steel from the Chinese market (Photo: Thanh Nien)

According to the General Department of Customs, iron and steel imported to Vietnam in September continued to decrease 15.3% in volume and 3.7% in turnover compared to August, reaching 1.01 million tons, equivalent to 629.49 million USD. However, the import price increased by 13.8% to 622.5 USD/ ton.

Generally, in the first nine months of 2020, iron and steel imports reached 10.36 million tons, equivalent to 6.05 billion USD with an average price of 584.2 USD/ ton. Compared to the same period last year, imported iron and steel decreased 4% in volume, 15.9% in turnover, and 12.4% in price.

Vietnam still buys the highest amount of iron and steel from the Chinese market with 2.84 million tons, equivalent to nearly 1.78 billion USD, the average import price reported is 626.5 USD/ ton. However, this number has decreased sharply by 33.8% over the same period last year, resulting in a 34.6% decrease in turnover and a 1.2% decrease in prices. Several years ago, the amount of iron and steel imported from China accounted for more than 40%. This year, the amount only takes up 29.4% of the total import turnover of iron and steel of the country.

vietnam spends more than 6 billion usd on importing iron and steel
The amount of iron and steel from other markets imported into Vietnam also increased. (Photo: PLO)

Meanwhile, the amount of iron and steel from other markets imported into Vietnam increased. Imports from Japan reach 1.98 million tons, equivalent to 1.07 billion USD, up 29.2% in volume, and 4.2% in turnover, accounting for 19% of the total volume imported into Vietnam. Imports from India reached 2.08 million tons, equivalent to 908.77 million USD, increasing sharply 77.4% in volume, 46% in turnover, accounting for 20% of the total volume.

Although the purchase from some other markets also increased sharply. For example, imports from the Saudi market increases by 36,490% in volume and 20,613% in turnover compared to 9 months of 2019, reaching 30,370 tons, equivalent to 12, 63 million USD.

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