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IT COSTS NEARLY 600 BILLION VND PER DAY TO IMPORT STEEL

VCN- From the beginning of 2017 to now, Vietnam spent nearly $US 26.3 million (about 578 billion vnd) importing steel.

it costs nearly 600 billion vnd per day to import steel
Vietnam spent nearly $US 26.3 million (about 578 billion vnd) importing steel.

According to the latest information of the General Department of Vietnam Customs, from the beginning of 2017 to 15th March 2017, Vietnam spent $US 1.945 billion importing 3.516 million tons of iron and steel, equivalent to $US 26.3 million per day.

Notably, although imports of iron and steel decreased compared to the same period in 2016, the total value of imports increased sharply. Specifically, in the same period last year, Vietnam imported 3.687 million tons of iron and steel with the total value of $US 1.339 billion. Thus, the total import value of iron and steel increased by 45% over the same period of 2016, while the output decreased by nearly 5%.

A strong increase in value and a decrease in output led to an increase in the average price of imported steel. In particular, the average price of steel in 2016 was $US 363 per ton, while at the beginning of 2017, the average price of steel jumped into $US 553 per ton, an increase of more than 52%.

The steel import markets of Vietnam come from many countries and territories in the world but the largest import markets mainly come from Asia such as China with 1.534 million tons of steel, equivalent to the total value of $US 786 million (updated by the General Department of Vietnam Customs at the end of February 2017); Japan with 353,449 tons of steel, worth $US 206 million; Korea with 308,768 tons of steel, worth $US 204 million; Taiwan with 225,355 tons of steel, worth $US 120 million; and India with 211,723 tons of steel, worth $US 110 million.

By Thai Binh/ Hoang Anh

Source: http://customsnews.vn/

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Imported Iron and Steel from China increase nearly 50 %

VCN- Although the volume of imported Iron and Steel from China sharply reduced compared to the same period in 2016, the total value of turnover increased, leading to the average imported price of these commodities soaring by 48%.

imported iron and steel from china increase nearly 50
The chart compares volume and total value of turnover and the average price of imported Iron and Steel from China in January, 2017 and January, 2016. Chart by: T.B

According to the latest information from the General Department of Vietnam Customs, there was 678,865 tons of all kinds of Iron and Steel imported from China with a total value of turnover of $US 343 million in January 2017.

Compared to the same period in 2016, the volume of imported Iron and Steel fell 224,048 tons, equivalent to 25%. However, the total value of turnover increase by $US 34 million, equivalent to 11%.

Thus, the average price of imported Steel and Iron from China in January was $US 505/ton, increasing by 48% compared to the average price of January, 2016 ($US 342/ton).

Besides the notable information mentioned above, the statistical results of the General Department of Vietnam Customs showed that China still remained a stable volume of imported goods to Vietnam between January 2017 and January 2016.

Specifically, the country’s total imported goods from China in January, 2017 was $US 3,943 billion turnover which was $US 9 million higher than the import turnover of $US 3,934 billion in the same period last year.

In particular, the stability of turnover value of imported goods from China took place in January, 2017 which included the Tet holidays (from January 28, 2017), meanwhile Vietnam’s import and export activity still took place normally in January 2016, because the Tet holidays of 2016 started from February 6, 2016).

imported iron and steel from china increase nearly 50 Iron and steel imports from China accounting for 59.1%VCN- According to the statistics on import and export goods from the General Department of Customs, iron …

To the end of January, 2017, besides Iron and Steel, other imported commodities with large turnover value are: Machine, equipment, tools and instrument were $US 857 million; telephones, mobile phones and parts thereof were $US 493 million, computers, electrical products and parts thereof were $US 482 million and fabric was $US 374 million.

By Thai Binh/Hoang Loan

Source: http://customsnews.vn/