Domestic steel inventory, imported steel increases sharply
In the first 8 months of this year, our country imported nearly 5 million tons of iron and steel, an increase of about 2% over the same period last year.
According to statistics from the General Department of Customs, cheap steel imported from China accounts for nearly 30% of the total amount of imported steel. Therefore, domestic steel producers are now facing even more difficulties because they cannot sell their products.
Mr. Nguyen Tien Nghi, Vice President of the Vietnam Steel Association, said that up to now, the amount of steel in stock in our country is about 330,000 tons. The stock is mainly construction steel, while imports of this type of steel are still increasing sharply. Meanwhile, the price of imported steel is much lower than domestic steel. This type of steel is exempt from import tax due to the amount of Boron, so it is classified in the list of alloy steels according to the ASEAN Free Trade Area Agreement.
To solve the difficulties, the Vietnam Steel Association recommends that member enterprises improve production processes, save maximum costs to reduce product prices, and improve competitiveness with cheap imported steel. At the same time, the Steel Association also recommends that competent authorities control the content of Boron compounds in imported steel, strengthen post-clearance supervision, and strictly implement labeling regulations on imported products to reduce difficulties for domestic steel enterprises.
According to VOV – HV
