Vietnam to Import More Scrap Steel in 2007
Vietnam’s demand for scrap steel has increased many folds this year and is expected to continue rising next year as more steel mills become operational in the country, Xinhua quoted the Vietnam Steel Association (VSA) as saying.
Scrap steel imports in 2006 are estimated at 700,000-800,000 tons, up from 200,000 tons in 2005, VSA said.
The expected figures for the next two years were 1.3-1.5 million tons and 2-2.2 million tons, the association forecast.
Out of its 60 members, nine engage in making finished steel from scrap steel or iron ores. The domestic supply of scrap steel stands at only 700,000-800,000 tons a year.
Four plants with total annual capacity of 723,000 tons of steel billets and 775,000 tons of finished steel have been put into operation so far this year.
At least three plants with combined annual capacity of 1.4 million tons of steel billets and 570,000 tons of finished steel are expected to become operational in the 2007-2008 period, it said.
Vietnam imported nearly 5.2 million tons of steel billets and finished steel products worth over $2.6 billion in the first 11 months of this year, up 4 per cent in volume but down 3.7 per cent in value on-year.
(Xinhua)
Vietnamese
