According to the preliminary statistics of the General Administration of Customs of Vietnam, Vietnam imported 1.23 million tons of steel in January, imports of 664 million US dollars, imports fell 17% year on year, imports rose 19.7% year on year. Among them, China imported 679,000 tons of steel, down 26.4%; imports of 340 million US dollars, up 9.5%. The average price of steel imported from China is $ 505 per tonne, up 48% from the same period last year, but still below domestic steel prices. Ministry of Industry and Trade said that Vietnam’s domestic steel production enterprises can fully meet the domestic market demand, but the price can not compete with the Chinese steel. To this end, in order to protect the development of China’s steel industry, the Ministry of Industry and Trade will continue to take trade protection measures and temporary safeguards.

So If you have some steel inquiry and import needs, buy it now as soon as possible. Because the Vietnam maybe will raise the steel import taxs.

Source: Vietnam “Young People Newspaper”