Vietnam to import more steel scraps

Vietnam is estimated to import 700, 000-800,000 tons of steel scraps for steel production this year and 1.3-1.5 million tons next year, up from 200,000 tons last year, according to the Vietnam Steel Association on Wednesday.

The country is likely to import 2-2.2 million tons of steel scraps in 2008. At least three plants with combined annual capacity of 1.4 million tons of steel billets and 570,000 tons of finished steel are expected to become operational in the 2007-2008 period, said the association.

Four plants with total annual capacity of 723,000 tons of steel billets and 775,000 tons of finished steel have been put into operation so far this year. They include the Phu My Steel Factory with annual capacity of 500,000 tons of steel billets and 400,000 tons of laminated steel in southern Ba Ria Vung Tau province.

Out of 60 members of the association, nine engage in making steel from steel scraps or iron ores. The domestic supply of steel scraps stands at only 700,000-800,000 tons a year.

Vietnam imported nearly 5.2 million tons of steel billets and finished steel products totaling over 2.6 billion U.S. dollars in the first 11 months of this year, up 4 percent in volume but down 3.7 percent in value against the same period last year, according to country's General Statistics Office.

Source: Xinhua