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Vietnam Steel Association insists on importing scrap steel

Experts have warned about scrap imports heading for Vietnam as China has stopped importing some types of scrap. The Ministry of Industry and Trade (MOIT) estimates that if the scrap imports cannot be blocked, the amount of money Vietnam has to pay for the imports would amount USD 1.7 billion. In the latest document to the Ministry of Natural Resources and the Environment (MONRE) and other agencies, the Vietnam Steel Association (VSA) asked for an extension of licenses and new licenses to import scrap steel, which is important input material for domestic steel manufacturing.

In the immediate time, VSA wants MONRE to allow to import 1.9 million tonnes of scrap steel to serve domestic production. The association estimates that from now to 2020, Vietnamese steel manufacturers would need some 19 million tonnes of scrap steel.

According to MOIT, the scrap steel imports in the first six months of the year reached 2.5 million tons, an increase of 83 percent over the same period last year. The ministry has warned that if Vietnam doesn’t restrict the imports, the import turnover may reach $1.5-1.7 billion.

The General Department of Customs (GDC), at a press conference on July 30, said that by the end of May 2018, Vietnam had imported more than 2 million tonnes of scrap steel to serve domestic steel production. Besides scrap steel, Vietnamese enterprises also imported old ships, tires and scrap paper. There are 928 scrap importers in Vietnam.
Source : VIETNAMNET BRIDGE
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