Vietnam imports 2% more steel in first quarter as consumption rises
HANOI, Viet Nam News/Asia News Network
April 22, 2014, 2:53 am TWN
HANOI, Viet Nam News--Vietnam's steel import volume experienced a modest year-on-year increase of 2 percent to 2.2 million tonnes, valued at US$1.5 billion, in the first quarter of 2014.
According to latest statistics from the General Department of Customs, in March alone the country spent US$568.3 million in buying 827,000 tonnes of steel from overseas markets, up 4 percent in volume and 9 percent in value compared with the previous month.
Among key import markets were mainland China, Japan, Taiwan and South Korea.
Meanwhile, the Viet Nam Steel Association (VSA) reported that its members consumed 570,000 tonnes in March, representing a month-on-month surge of 60 percent, or a yearly increase of 26.5 percent.
The latest increase has brought local steel consumption volume in three months up to approximately 1.2 million tonnes, being 5.7 percent higher than the same period last year. As a result, the inventory level of the domestic steel industry fell to less than 260,000 tonnes.