Vietnam Steel imports plunge 16% y/y in August

VIETNAM September 16 2016 1:29 PM

HANOI (Scrap Register): Vietnam's steel imports in August fell to almost 16 percent, decline for the second month in a row to 1.29 million tons, according to the preliminary Vietnam Customs data.

The decline was seen after Vietnam imposing antidumping duties on steel products from China and other major suppliers earlier this year to curb soaring imports and safeguard domestic steelmakers.

Vietnam's largest supplier of steel products in August was China, which constitute about 65,490 mt, down 25.6% year on year and accounting for more than 59% of the total.

Vietnam also exported 312,264 mt of steel products in August, up 60.8% year on year. The biggest buyers were Cambodia at 53,788 mt, down 15.1% year on year, Indonesia at 35,607 mt, up 20.4% and Malaysia 19,804 mt, up 7%.