Industry News
Whopping rise in steel imports from India

Steel imports from India posted a whopping increase in the first six months of this year, customs’ statistics revealed.

Việt Nam imported 812,000 tonnes of steel from India worth US$422 million, representing a rise of more than 20 times in volume and 13 times in value over the same period last year.

The General Department of Customs said the huge increase in steel imports from India was attributed to low prices. Average price of steel from India was VNĐ11.8 million (US$519) per tonne, VNĐ1 million lower than China, the world’s largest steel producer, and VNĐ1.4 million lower than the average steel import price to Việt Nam.

India is the world’s third largest steel producer.

According to Đỗ Duy Thái, chairman of steel company Pomina, Indian steel was now more competitive in price in comparison with Việt Nam’s top steel exporters, including China, Japan, South Korea and Taiwan, which had average prices of between $564 and $573.

Việt Nam imported a total of more than 7.9 million tonnes of steel in the first half of this year at total value of $4.61 billion, dropping by 17.3 per cent in volume but up 21.8 per cent in value over the same period last year. Steel import prices averaged $582 per tonne.

Việt Nam mainly imported steel from China - 3.95 million tonnes worth $2.23 billion - decreasing 23.8 per cent in volume but increasing 12.3 per cent in value, with average price of $564 per tonne.

More than one million tonnes were imported from Japan at a value of $646 million during the period.

Source : Vietnamnet News
July 2017

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