Steel export posts strong increase in 2016

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Export of steel products in the first eight months this year reached 1.77 million tonnes, an increase of 49% from the previous year.

During the period, the country produced 11.5 million tonnes, up 29% from earlier year and consumed 9.5 million tonnes, an increase of 29%.

The price of construction steel went up in August and September, by VND150,000-VND300,000 per tonne, reaching VND9.5-VND9.9 million per tonne.

Vietnam sets new tariffs on imported steel New tariffs are hoped to protect domestic steel producers.

In the same period, 13.7 million tonnes of steel products were imported at a cost of US$5.15 billion, up 62.5% in volume and 15% in value. China accounted for 6.5 million tonnes or nearly 60% of the total imported steel volume.