Enterprises Re-export US$500 Mln of Ingots & Steel in First Half
Vietnamese enterprises reportedly re-exported up to US$500 million worth of ingots and steel in the first half this year, the Tuoi Tre newspaper reported, citing the Ministry of Industry and Trade.
Meanwhile, the member of units under the Vietnam Steel Association (VSA) re-exported more than 70,000 tons of ingots and construction steel valued at over US$77 million in May and June, Pham Chi Cuong, VSA chairman said.
The steel industry will face huge shortage of materials for production in the fourth quarter if the massive re-exports continue, Cuong said, adding the trade deficit of the items will sharply increase as steel ingot is being offered at US$1,300/ton. (Youth Online)
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