Spending $ 1.8 billion to import more than 4 million tons of scrap iron and steel

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According to statistics from the General Department of Customs, imports of iron and steel scrap of all kinds in July reached more than 704 thousand tons, valued at more than USD 332.5 million, unchanged in volume and value compared to the previous month.

Generally, in the first 7 months of May, imports of iron and steel scrap reached more than 4.1 million tons, worth nearly 1.8 billion USD, up 32.5% in volume, import turnover increased 2.2 times over the same period last year. 2020.

In the past 7 months, Japan, the US, Australia and Hong Kong are the 4 main export markets of iron and steel scrap for Vietnam.

Specifically, imports from Japan, the largest market reached 1.6 million tons, equivalent to 736 million USD, down 9% in volume, but increased by 52% in value compared to the same period in 2020, accounting for nearly 42% of the total import turnover of iron and steel scrap of the country.

Next, imports of iron and steel scrap from the US reached 1 million tons, equivalent to $ 460 million, up 2.5 times in volume, 4.2 times in value over the same period in 2020, accounting for 26% of the total turnover. import turnover of iron and steel scrap of the country.

Imports of iron and steel scrap from Australia reached nearly 350 thousand tons, equivalent to nearly 161 million USD, doubling in volume, nearly 3 times in value compared to the same period in 2020, accounting for 9% of the total import turnover of iron and steel scrap of the country.

Import of iron and steel scrap from Hong Kong reached 293 thousand tons, equivalent to nearly 130 million USD, sharply increased by 18% in volume, doubled in value over the same period in 2020, accounting for 7% of total scrap import turnover. iron and steel materials of the country.

In terms of the price of iron and steel scrap imports, in July reached $ 472 per ton, up $ 13 per ton compared to June. In the seven months of May, the import price of steel scrap reached 420 USD / ton, up 66% compared to the same period last year.

In a report on the situation of Vietnam’s steel market in July and May 7, the Vietnam Steel Association (VSA) said that the price of scrap steel imported from East Asia ports was at $495/ton CFR East Asia on August 11. This price decreased by 23 USD/ton compared to the beginning of July. The price of scrap steel offered for sale in the US, European and Southeast Asian markets tended to increase slightly.

Recently, the Ministry of Industry and Trade has also had Directive 10/CT-BCT on strengthening export management and import of some strategic items to support domestic production and consumption. In particular, it is required that VSA, Vietnam Steel Corporation and enterprises producing and exporting iron and steel and iron ore review and consider issues related to input materials, reduce production costs in order to lower the cost of products.

Source: ndh.vn – Translated by fintel.vn