Vietnam is estimated to import nearly 4.3 million tons of steel billets and steel products totaling roughly 2.2 billion U.S. dollars in the first nine months of this year, up 1.4 percent in volume, but down 6.2 percent in value.

Between January and September, the country is set to import over 1.5 million tons of steel billets valued at 582 million dollars, posting respective year-on-year decreases of 10.2 percent and 9.8 percent, said the Vietnam Steel Association on Friday.

Vietnam, which currently imports 70 percent of steel billet it needs for steel production, is cutting the import as new local billet plants are operating, said the association.

The country imported 5.6 million tons of steel billets and finished steel products totaling 3 billion dollars in 2005, up 8.7 percent and 16 percent, respectively, over 2004.

Vietnam consumed 3 million tons of steel products in 2005, up 10 percent. Steel makers in the country currently have a combined annual production capacity of some 6 million tons, the association said.

Source: Xinhua