Imported iron and steel increased sharply in early 2024. Photo: T.Binh.

According to preliminary statistics from the General Department of Customs, in the first half of February (February 1-15), the country imported 417,076 tons of iron and steel, with a total turnover of 310 million USD.

In total, from the beginning of the year to February 15, the country imported more than 1.9 million tons of iron and steel of all kinds, with a total turnover of 1.37 billion USD.

Compared to the same period last year, the volume of imported iron and steel increased by more than 88%, while turnover increased by 56.6%.

Thus, the average value of iron and steel imports in early 2024 was lower than the same period last year (due to the volume increasing more than the turnover).

Specifically, the average import value in early 2024 reached more than 720 USD/ton, while in the same period last year it reached nearly 870 USD/ton.

Regarding the import market, China is Vietnam's largest supplier of iron and steel.

The General Department of Customs' update according to the market by the end of January 2024 recorded that the amount of iron and steel imported from China alone reached more than 1 million tons, an increase of 377% in volume (equivalent to an increase of nearly 800 thousand tons); the turnover reached 635.66 million USD, an increase of 247% (equivalent to an increase of more than 450 million USD).

Thus, in January, the amount of iron and steel imported from China alone accounted for 67.6% of the total amount of iron and steel imported into the country.