Steel imports continue to rise

by VTV420 May 2016 Last updated at 17:38 PM

photo: VNA
photo: VNA

VTV.vn - Vietnam imported 7.5 million tons of steel in the first four months of this year, up 48% against the corresponding period last year, according to the Vietnam Steel Association (VSA).

A huge volume of steel ingots and finished steel products have been imported into Vietnam in spite of temporary safeguard duties of 23.3% being imposed on steel ingots and 14.2% on long steel products on March 22 in the form of an additional import duty. This increase was attributed to high demand by the steel industry for semi-finished steel products, including hot-rolled steel, which Vietnam is as yet unable to produce. As a result, the country has to buy eight to nine million tonnes of hot-rolled steel annually.

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