Vietnam to produce more steel billet in 2006

Vietnam is expected to increase its steel billet output by 122 percent to 1.9 million tons next year, meeting 40 percent of local demand for the product, according to the Vietnam Steel Association on Monday.

With the expected output, the country may import nearly 2.9 million tons of steel billet in 2006, the association said, noting that it is likely to import some 2.5 million tons of the product, mainly from China, Russia, Ukraine and Malaysia, this year, up 8.7 percent over last year.

The country imported nearly 1.7 million tons of steel billet valued at 647 million dollars in the first three quarters of this year, posting year-on-year increases of 7.8 percent and 9.3 percent, respectively.

Last year, it imported nearly 2.3 million tons of steel billet, of which 21 percent came from China, the association said.

Source: Xinhua