Illustrative image (Source: steel-intelligence.com)

Hanoi (VNA) – Export of steel products in the first eight months this year reached 1.77 million tonnes, an increase of 49 percent from the previous year, according to the Vietnam Steel Association (VSA).

During the period, the country produced 11.5 million tonnes, up 29 percent from earlier year and consumed 9.5 million tonnes, an increase of 29 percent.

The price of construction steel went up in August and September, by 150,000-300,000 VND per tonne, reaching 9.5-9.9 million VND per tonne.

In the same period, 13.7 million tonnes of steel products were imported at a cost of 5.15 billion USD, up 62.5 percent in volume and 15 percent in value. China accounted for 6.5 million tonnes or nearly 60 percent of the total imported steel volume.-VNA