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Scrap steel and iron imports surged again

After the decline in the second quarter, the volume and import turnover of scrap steel and iron sharply increased again in July.

Specifically, in July, Vietnam imported over 480,000 tons with a total turnover of nearly US $ 174 million, increasing by 24.6% in volume and 26.9% in value compared to June 2018.

As of the end of July, Vietnam imported nearly 3 million tons of scrap steel and iron with a total turnover of US$ 1.055 billion, increasing by 23.2% in volume and 56.9% in value compared to the same period in 2017.

Previously, scrap steel and iron had 3 month - consecutive decreases in volume in the second quarter (compared to the previous month). Of which, decreasing by 1% in June, 0.8% in May and 7.2% in April.

Markets that Vietnam mainly imported scrap steel and iron were: Japan of 836,504 tons with a turnover of US$ 311 million; the US of 519,672 tons with a turnover of US$ 186.3 million; Hong Kong of 341,243 tons with a turnover of US$ 125 million.

Hence, the volume of scrap steel and iron imported from the 3 markets reached nearly 1.7 million tons, accounting for 57% of total import volume of the country with total turnover of US$ 622.3 million, accounting for 59% of total turnover of the country.

Facing the warning situation of scrap backlog in major sea ports such as Ho Chi Minh City, Ba Ria- Vung Tau, Hai Phong and etc, in July, the General Department of Vietnam Customs issued Official Letter 4202/TCHQ-PC, requesting Customs units to strengthen control measures to prevent scrap shipments imported inland and quickly clear eligible shipments.

One of the key contents in Official Letter 4202 is that the General Department of Vietnam’s leader directed the Customs Department of Goods Verification to intensify human resources and equipment to accelerate the taking of samples and results’ notification to the business community.

Especially, the Customs Department of Goods Verification must assign officers being on duty at border gates to coordinate taking samples and inspections.

Thereby, eligible imported shipments of enterprises will be quickly cleared and prevent the goods backlog at border gates. If detecting violations, the Customs authority will strictly handle in accordance with regulations.

Source: Customs News