Vietnam: Ferrous Scrap Imports Increase 9% in CY17

Rising steel production in Vietnam has resulted in increased scrap import volumes this year.

Vietnam - one of the world's emerging steel market has observed increase in ferrous scrap import volumes this year. As per recently released customs data, Vietnam has imported total 3.91 MnT ferrous scrap in CY17 which has grown by 9% Y-o-Y compared with 3.58 MnT ferrous scrap imports during the same time period of CY16.

Vietnam witnessed marginal fall in its ferrous scrap imports by 3% M-o-M in Dec'17.The country imported 0.37 MnT ferrous scrap in Dec'17, while scrap imports were at 0.38 MnT in Nov'17.

On yearly premises, ferrous scrap imports in Dec'17 registered rise of 16% Y-o-Y as against 0.32 MnT ferrous scrap imported in Dec'16.

In CY17, highest monthly scrap import volume was recorded at 0.39 MnT in Aug'17 against 0.36 MnT ferrous scrap which was recorded highest in CY16.

Vietnam's rising crude steel production - According to World Steel Association, the country increased its crude steel production significantly up by 71% to 8.71 MnT during Jan-Nov'17, against 5.1 MnT crude steel produced during the same time frame in CY16. The country's increased ferrous scrap imports can be attributed to rising steel production.

Japan remained largest source of ferrous scrap to Vietnam -
During CY17, Japan exported highest 1.52 MnT ferrous scrap to Vietnam occupying highest 39% share in total ferrous scrap imports to Vietnam.

Hong Kong remained 2nd largest exporter with 0.69 MnT ferrous scrap exports to Vietnam followed by United States (0.61 MnT), Australia (0.55 MnT) and Singapore (0.19 MnT) respectively in 2017.

In Dec'17, Japan exported highest 0.12 MnT ferrous scrap to Vietnam. Australia supplied 0.10 MnT ferrous scrap and registered 150% M-o-M rise against 0.04 MnT ferrous scrap exports in Nov'17, followed by Hong Kong and United States which have exported each 0.05 MnT ferrous scrap in Dec'17.

Other major ferrous scrap exporters to Vietnam in Dec'17 were Singapore, Philippines, Chile and Cambodia.

Vietnam remained largest importer in Japan's monthly scrap export tender - During 2014-16, Vietnam occupied highest 73% share with 546000 MT out of 748000 MT ferrous scrap exports carried through monthly scrap export tender 'Kanto Tetsugen' from Japan.

Country-wise Vietnam ferrous scrap imports -

Quantity In MnT,
Source: SteelMint Stats