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Steel exports gained nearly $ 1.9 billion in the first eight months

As the industry is suffering from trade remedies of many major import markets, iron and steel exports in the past eight months have brought in foreign currency to US $ 1,835 billion, up 27% in volume and up 43% in value over the same period in 2016.

ASEAN is still the main export market for iron and steel in the past eight months, with exports of more than 1.3 million tons, accounting for 58% of the total volume of finished steel products exported, according to the Vietnam Steel Association (VSA). Vietnamese products with good export growth were steel pipe (up 320%), construction steel (up 45%), galvanized steel (up 24%) …

According to VSA, prospects for Vietnam’s steel exports in 2017 are satisfactory, as China’s steel export forecasts this year may decline due to strong domestic demand for construction projects, road construction, hydropower and transportation …

In addition, in the face of trade remedies on a global scale, Chinese steelmakers are considering adjusting their exports so as not to affect the entire Chinese steel industry. This is also favorable for Vietnamese steelmakers to increase the chance to export, Investment News reported.

According to the Associated Press, due to price surge stimulated the psychology of traders to buy goods to reserve. However, imports of steel decreased compared to the same period in 2016. This is in contrast to the trend of previous years. In the first 7 months of 2017, imports of all kinds of steel reached 11.6 million tons, total import turnover reached over 6 billion USD decreased 15% in volume but increased 17% in value over the same period last year 7 months 2016.

 

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