Iron and steel exports to the EU, US and Indonesia in the first 7 months of the year increased by 96.2%, respectively; 73.6% and 88.5% over the same period last year. Consumption markets in Asia such as Cambodia and Malaysia also increased by 49.1% and 22.3%, respectively.

According to the General Department of Customs, in July imports of steel products reached 1.18 million tons, worth 879 million USD, down 2.6% in volume and slightly up 0.1% in value. Accumulating 7 months, the import volume of iron and steel of all kinds reached 8.05 million tons, worth US$5.8 billion, down 10.4% in volume but up 10.4% in value over the same period in 2017.

China continues to be the largest supplier of iron and steel to Vietnam with nearly 3.88 million tons, worth more than US$2.77 billion, down 13.3% in volume, but up 10.5% in volume. value compared to the same period last year. Japan ranked second with 1.29 million tons, worth $ 909 million, down 1% in volume, but up 15.6% in value.

Meanwhile, iron and steel exports tend to increase sharply. Specifically, July reached 598,000 tons, with a value of USD 430 million, up 32.1% in volume and 22.9% in value. Thereby, iron and steel export volume in 7 months reached 3.41 million tons, worth 2.53 billion USD, up 40.6% in volume and 56.6% in value over the same period in 2017.

Notably, iron and steel exports to the EU, US and Indonesia in the first 7 months of the year skyrocketed to 96.2%, 73.6% and 88.5% respectively over the same period last year. Consumption markets in Asia such as Cambodia and Malaysia also increased by 49.1% and 22.3%, respectively.

Steel output in July decreased. According to Vietnam Steel Association, steel output of all kinds, excluding hot rolled coil reached more than 1.7 million tons, down 3% compared to June. However, accumulated in 7 months, steel output reached 11. 9 million tons, up 7.5% over the same period in 2017.

Source: Vietnam Steel Association

Recently, Vietnamese steel has been continuously investigated for anti-dumping and anti-subsidy, especially from the US and EU. Most recently, on August 3, the US initiated an anti-dumping investigation of anti-corrosion steel imported from Vietnam.

On July 18, the European Commission applied safeguard measures with 3 groups of products including alloy and non-alloy cold rolled steel, metal coated steel sheet and cold rolled stainless steel in plates and bars imported from Vietnam. Male. The duration of the measure is 200 days. On August 9, India also voiced an investigation against Vietnam’s stainless steel pipe subsidies.

Duc Quynh –  According to Economy & Consumption