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The volume of steel shipped into Vietnam more than doubled in May to 1.1 million (mt), with China’s share above 70%, according to customs’ statistics. In the first five months, Chinese imports were more than 4.7 million mt, an increase of 91% year on year.
Vietnam’s steel companies are worried, especially as the domestic market is still struggling with a real estate downturn, Vietnam Steel Association chairman Nghiem Xuan Da said. “The oversupply of many domestic steel products and the increase in imported steel products will push domestic steel makers to lose market share,” Da was quoted as saying by the business…