Viet Nam imported 812,000 tonnes of steel from India worth US$422 million, representing a rise of more than 20 times in volume and 13 times in value over the same period last year.

The General Department of Customs said the huge increase in steel imports from India was attributed to low prices. Average price of steel from India was VND11.8 million (US$519) per tonne, VND1 million lower than China, the world’s largest steel producer, and VND1.4 million lower than the average steel import price to Viet Nam.

India is the world’s third largest steel producer.

According to Do Duy Thai, chairman of steel company Pomina, Indian steel was now more competitive in price in comparison with Viet Nam’s top steel exporters, including China, Japan, South Korea and Taiwan, which had average prices of between $564 and $573.

Viet Nam imported a total of more than 7.9 million tonnes of steel in the first half of this year at total value of $4.61 billion, dropping by 17.3 per cent in volume but up 21.8 per cent in value over the same period last year. Steel import prices averaged $582 per tonne.

Viet Nam mainly imported steel from China - 3.95 million tonnes worth $2.23 billion - decreasing 23.8 per cent in volume but increasing 12.3 per cent in value, with average price of $564 per tonne.

More than one million tonnes were imported from Japan at a value of $646 million during the period. — VNS