Vietnam plans to import 1 million tons of steel scraps in 2006 and 2 million tons in 2007, up from only 200,000 tons in 2005, according to the Vietnam Steel Association Thursday.

The anticipated rise is mainly because some new steel makers in Vietnam will go into operation this year. Besides, most of local steel producers use steel scraps for production, and the supplies in the country become thinner.

Vietnam imported 5.6 million tons of steel billets and finished steel products totaling 3 billion U.S. dollars in 2005, posting respective rises of 8.7 percent and 16 percent against 2004, according to country's General Statistics Office. It imported nearly 2.3 million tons of steel billet worth 863 million dollars last year.

Vietnam consumed 3 million tons of steel products in 2005, a year-on-year increase of 10 percent. Steel makers in the country currently have a combined annual production capacity of 5.6 million tons.

Source: Xinhua