A worker arranges steel rolls in a factory of Hoa Sen Group. Photo courtesy of Hoa Sen Group.
Vietnam’s steel exports to China surged 19 times to 2.07 million tonnes between January and August on the strength of rising demand in a recovering economy.
This was nearly 35 percent of Vietnam’s total steel exports in the period, and its value rose 15 times to $844.5 million, according to Vietnam Customs.
China’s customs data shows that steel imports in the first eight months rose 11 percent year-on-year to 759.9 million tonnes.
The country, the largest steel producer in the world, became a net steel importer in June for the first time since the last global recession in 2009 as demand overshot supply in the rapidly recovering economy, the South China Morning Post reported.
The surge in domestic demand for steel has been driven by infrastructure projects and the property market, the report said, citing China’s commodity price reporting agency.
Vietnam’s steel exports in the first eight months to all markets rose nearly 37 percent year-on-year to 5.96 million tonnes, with increases of 195 percent to Brazil and 143 percent to Germany.