Vietnam may allow scrap imports by traders

According to the local media in Vietnam, the relevant ministries of the country have reached an agreement to abolish the law banning trading companies from importing scrap steel. The agreement is expected to be announced soon through a new draft law. According to the current law, which was introduced on November 29, 2005, only the mills that directly consume scrap to produce steel are allowed to import this material. Due to this law, the country's billet imports from China have increased by a large margin. At present, due to the shortage and high prices of billets in Southeast Asia, Vietnamese mills are in a very difficult situation. Meanwhile, the steel mills have also asked the government to alleviate the rules on the importation of old ship to be used as scrap. However, the government is not expected to take any action in this regard.