Vietnam’s iron and steel imports dropped by 14.1pc in the first seven months of 2020 on the back of weak domestic demand and competitive steel prices, according to Vietnam Steel Association (VSA) data reported in the media.
Steel mills like Hoa Phat and Formosa Steel focused on domestic market for sales and imports turned non-viable due to COVID-19 related restrictions. The country imported 8.3mn mt of steel and iron in Jan-July period, while in July alone, the country imported 1.6mn mt of the products — up by 30.9pc from the prior year month and up by 45pc from 1.1mn mt June 2020.
Meanwhile, the country exported 6.6mn mt of steel and iron products in Jan-June period, registering an increase of 5.4pc. During first half of July 2020, the country had exported 275,566mt of iron and steel products, as per Vietnam Custom’s data.