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Steel exports surge 127 pct

By Anh Minh   September 18, 2021 | 05:05 pm PT
Steel exports surge 127 pct
A man works at Hoa Sen steel mill. Photo by /Phuong Dong
Steel exports increased by 43.4 percent year-on-year in the first eight months to 8.54 million tons, and were worth $7.1 billion, a 127 percent rise.

In August, for a second month in a row, the billion-dollar mark was breached, with the value of shipments increasing 2.5-fold to nearly $1.5 billion.

The main export markets were Southeast Asia, which bought 2.7 million tons and China (1.8 million tons).

Exports to the E.U. and U.S. skyrocketed 7.5-fold and four-fold from 12 months earlier as demand there continued to soar.

Exports to Europe also benefited from the EU-Vietnam Free Trade Agreement, with many companies taking advantage of lower tariffs.

According to the Vietnam Steel Association, the country’s production capacity is around 24 million tons a year. Output this year is expected to reach 21.2 million tons, enough to meet domestic and export needs.

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