January iron and steel imports from China sees drastic upturn

According to the latest report from the General Department of Customs, during the reviewed period the whole country imported US$1.61 billion worth of iron and steel of all types and products, marking an increase of 20.1%, equivalent to an increase of US$268 million compared to the previous month.

Compared to the same period from last year, imports of this product group increased by 76.6%, equivalent to a rise of US$696 million.

Of the figure, the amount of imported iron and steel alone reached 1.49 million tonnes, equal to US$1.06 billion with the average price being US$711.9 per tonne, an increase of 27.3% in volume, a rise of 22.3% in turnover, but down 3.9% in price compared to December, 2023.

China is widely viewed as the leader in the iron and steel supply market for Vietnam, accounting for 67.6% of the total volume and 60% of the total turnover, reaching nearly 1.01 million tonnes, equivalent to nearly US$635.66 million.

It is followed by the Indonesian market, accounting for over 4.4% of the total volume and 9.7% of the country's total iron and steel imports.

Statistics compiled by the General Department of Customs also indicate that in January, Vietnamese steel exports increased for the fourth consecutive month, hitting more than 1.16 million tonnes with a value of more than US$822 million.

According to the Vietnam Steel Association (VSA), steel consumption in the year ahead is expected to surge by 6.4% to reach nearly 21.6 million tonnes. Among them, exports of finished and semi-finished steel products are forecast to go up by 12% to nearly 13 million tonnes.

The Vietnamese iron and steel industry is forecast to recover in the time ahead with growth and recovery being seen in the profits of businesses operating in this field.