Steel exports to China multiplies 19 times
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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 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.
Questions & Answers
Q.What is the total volume of steel Vietnam exported to all markets during the first eight months of the year?
What is the total volume of steel Vietnam exported to all markets during the first eight months of the year?
Vietnam exported 5.96 million tonnes of steel to all markets in the first eight months. This represents a nearly 37 percent increase compared to the previous year, highlighting significant growth in its overall steel export volumes.
Q.Why did China become a net steel importer for the first time since the 2009 recession?
Why did China become a net steel importer for the first time since the 2009 recession?
China became a net steel importer because demand overshot supply in its rapidly recovering economy. This surge in domestic demand was primarily driven by infrastructure projects and the property market, as reported by China's commodity price agency.
Q.How much did the value of Vietnam's steel exports to China increase in the first eight months?
How much did the value of Vietnam's steel exports to China increase in the first eight months?
The value of Vietnam’s steel exports to China increased 15 times to $844.5 million in the first eight months. This significant rise corresponds with the substantial 19-fold surge in the volume of steel exported to China during the same period.
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