Steel imports from China shoot up

17:10 | 17/05/2015 Trade

Chinese steel landing in Vietnam in the January-April period has seen a yearly increase of 135.4%, which is in turn having an enormous impact on Vietnamese steel sector, said Nguyen Van Sua, Vice Chairman of the Vietnam Steel Association (VSA).

Steel imports from China shoot up

According to a VSA report, Vietnam imported 292,000 tonnes of steel billets in the first four months of this year, mostly from China. It said that the number is forecasted to increase to a million tonnes.

Domestic steel billet capacity reached 11 million tonnes, yet demands for these commodities only stands at 6.5 million tonnes this year.

The VSA leader said that there has also been a significant escalation in the amount of imported Chinese so-called alloy steel products, including steel rod, steel wire and galvanised steel, exports of which are tax free from China.

Meanwhile, there is surplus of those products from Vietnamese enterprises.

Sua highlighted that steel enterprises need to implement reforms while making efforts to increase product competitiveness as there is currently no practical solution to address this issue.

In a bid to control the import of alloy steel from China, more detailed standards for steel products are required to reduce trade fraud, he added.

                                                                                                                                                                       Source VOV News

Theo ven.vn