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Chinese steel floods market amid falling global demand

Update: September, 12/2012 - 09:48

HA NOI (VNS) — Domestic steel producers are facing fierce competition from rival Chinese imports, which are flooding the local market, according to the Viet Nam Steel Company.

The company said that the volume of steel arriving from China in the first eight months of this year reached 137,000 tonnes, five times higher than the total volume imported in the whole of 2011.

Chinese producers have increased their exports to Viet Nam and other ASEAN countries as a global decrease in steel demand has left them with large stockpiles.-VNS

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