Posted on 07 Mar 2022
According to statistics from Vietnam’s Customs, the country imported around 177,000 tons of ferrous scrap in January this year, dropping greatly by 69.2% compared to the previous month and 57.2% from the same month a year ago, hitting a new low since February 2016.
The significant drop was due to electric arc furnace (EAF) steel mills’ focus on purchasing materials in the domestic market.
However, as Vietnam’s buyers started to be active since the end of January, it was expected that the imports of ferrous scrap will rebound in the coming months. In addition, the Vietnam Steel Association (VSA) also said that the capital expenditures for public investment and infrastructure projects will uphold steel demand after the first quarter of this year.
Source:Yieh
