Vietnam needs to import 1.4-1.5 million tons of steel scraps annually in the coming years, as some new steel makers in the country are becoming operational this year, according to the Vietnam Steel Association on Thursday.

The domestic demand for steel scraps is estimated at 2.2-2.3 million tons per annum, while local supplies some 800,000 tons.

Vietnam imported 200,000 tons of the material last year. Most of local steel producers use steel scraps for production.

The country imported nearly 2.1 million tons of steel billets and finished steel products totaling over one billion U.S. dollars in the first five months of this year, posting respective year-on- year decreases of 6.4 percent and 17.8 percent, according to country's General Statistics Office.

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, the association said.

Source: Xinhua