Rising steel capacities in Vietnam has resulted in increased scrap imports to the country in this year.
According to recent data released by Vietnam’s Ministry of Finance, country imported 0.41 MnT ferrous scrap in May’17. Thus, scrap imports have increased by 24% M-o-M. In Apr’17, Vietnam imported 0.33 MnT ferrous scrap.
During Jan-May’17, Vietnam ferrous scrap imports summed up to 1.77 MnT against 1.38 MnT in the same period last year. Thus, imports have increased around 28% Y-o-Y.
Vietnam’s steel industry is on an upward trend and as per reports, the country plans to produce 5.5 MnT of crude steel and 5.8 MnT of rolled steel this year.
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