Half of Vietnam's imported steel comes from China

Vietnam's "Financial Magazine Online" reported on May 11,2021: Vietnam's steel imports from China accounted for 50% of Vietnam's total steel imports in the first quarter of 2021.

According to Vietnam Customs statistics, in the first quarter of 2021, Vietnam imported 3.68 million tons of steel, worth 2.65 billion US dollars, with the average price 719.7 US dollars per ton. The quantity, value and price increased by 11.2%, 32.2% and 18.9% year-on-year respectively. Among them, 1.88 million tons were imported from China, accounting for 50% of the total imports. The import value was US$1.27 billion, with the average price US$675.2 per ton. The quantity, value and price increased significantly year-on-year, respectively 102%, 120.7% and 9%.

According to the report, Japan is Vietnam's second largest steel import market after China. In the first quarter, Vietnam imported 509,000 tons of steel from Japan, valued at 369 million U.S. dollars, and the quantity and value accounted for approximately 14% of Vietnam’s total imports. South Korea is the third largest import market, with an import quantity of 398,000 tons and a value of 359 million U.S. dollars. The quantity and value accounted for 10.8% and 13.6% respectively.