THE IMPORT OF IRON AND STEEL FROM CHINA HAS EXPERIENCED A REMARKABLE SURGE OF NEARLY 400%

01/03/2024 16:49

According to preliminary statistics from the General Department of Customs, in the first half of February (1-15/2), the entire country imported 417,076 tons of iron and steel, with a total value of 310 million USD.

  Steel imports have surged in early 2024. Photo: T.Binh.

In total, from the beginning of the year until February 15, the entire country imported over 1.9 million tons of various types of iron and steel, totaling 1.37 billion USD.

Compared to the same period last year, the volume of iron and steel imports increased by over 88%, while the total value increased by 56.6%.

Thus, the average import value of iron and steel in early 2024 was lower than the same period last year (due to the volume increasing more than the total value).

Specifically, the average import value in early 2024 reached over 720 USD/ton, while it was nearly 870 USD/ton during the same period last year.

Regarding the import market, China remains the largest supplier of iron and steel to Vietnam.

Customs updates according to the market until the end of January 2024 recorded that the volume of iron and steel imports from China alone reached over 1 million tons, an increase of 377% in volume (equivalent to an increase of nearly 800 thousand tons); the total value reached 635.66 million USD, an increase of 247% (equivalent to an increase of over 450 million USD).

Thus, in January alone, the volume of iron and steel imports from China accounted for up to 67.6% of the total volume of iron and steel imports for the entire country.

Source: haiquanonline.com.vn