Vietnam looks to billet imports to meet demand

Vietnam looks to billet imports to meet demand

The Vietnam Steel Association (VSA) announced that the country will need to import 2.5 billion tons of steel billets in 2005. The imports will meet approximately 70% of the country's demand, while local billet makers will attempt to satisfy the rest of the demand. However, the bulk of Vietnam's billet makers use scrap metal as their raw material, and the increase in global scrap prices has some of the producers worried. China, Russia, Ukraine and Malaysia are expected to remain as the top exporters to the country. Vietnam looked to these countries to meet 60% (1.34 million tons) of its steel billet needs in 2004.