Cheap irons and steels from India overflowed into Vietnam after cars

The price of import steel increased sharply over the same period in last year. Photo: T.Bình

According to the latest information from the General Department of Vietnam Customs, on 15/7, the country imported 8,393 million tons of iron and steel, with a total value of a turnover is $US 4.9 billion. In comparison with the same period in last year, the volume of imported steel fell to 1.853 million tons, however, the total value of turnover increased by $US 782 million.

Thus, the average import price per ton of imported steel in this year has reached approximately $US 584, while the average price was only $US 402 compared to the same period in last year. This means that the average import price this year increased to 45.2% over the same period of 2016. Remarkably, among Vietnam's import markets, steel from India is experiencing explosive growth.

Specifically, based on the latest update by the market of the General Department of Vietnam Customs, by the end of June/2017, all kinds of steel imported from India to Vietnam increased dramatically to 20.3 times in volume and 13,3 times in value over the same period in 2016.

In particular, the amount of iron and steel originated in India is 812 thousand tons, valued at $US 422 million, with the average declared price is $US 519/ ton, which is the lowest rank in the market of steel supply mainly for Vietnam. Meanwhile, by the end of June, there are two import markets of Vietnam has reached the volume by 1 million tons or more.

That is, China with 3.95 million tons, worth $US 2.23 billion, went down by 23.8% in volume but it increased by 12.3% in value, the average unit price reached $US 564/ ton; Japanese market supplied 1.07 million tons that were worth $US 646 million, decreased by 16.7% in volume and 19.4% in value, achieved the average by nearly $US 604/ton.