According to the Vietnam Steel Association (VSA), in the first two months of 2018, the country saw a 38.6 percent surge in its total steel exports of more than 728,000 tonnes.
With the US President Donald Trump imposing 25 percent tariff on imported steel and 10 percent tariff on imported aluminum, Vietnam is currently one of the 12 countries that has been affected the most.
Apart from dealing with high tarrifs, local steel producers had to compete with producers in the ASEAN market.
The General Department of Customshas provided statistics that shows Vietnam has seen a major boost in its steel exports to the US. The US had imported 124,600 tonnes of steel of US$104.2mn worth from Vietnam in the two-month period, which is double that of the same period in 2017.
Last year, Vietnam exported 567,000 tonnes of steel to the US.
At present, Vietnam is selling construction steel at the price of VNĐ15.3mn per tonne, which is the highest in the last couple of years.
The Vice Chairman of VSA, NguyễnVănSưa said that the surge in price in the last two months was an outcome of increase in price of steel billet of three percent and ore of seven to eight percent. The the US’ decision of implementing tariffs did not affect the surge in the price.
He further stated that the material of construction steel price will further rise by VNĐ300,000-500,000 per tonne by the end of May.
“Constructors and investors should calculate demand to ensure steel supply, thus reducing construction fees,” Sua added.