Philippine importers of semi-finished products move from Russia to Vietnam

In the Philippines, steel imports continue to rise. Vietnam is displacing Russia as a key supplier of semi-finished products as local businesses seek to expand their export markets.

According to Philippine Customs, steel imports in July reached 650,724 tons, up 3% from June and 22% from July 2020. In the first seven months, imports amounted to 4.577 million tons, which is 20% more than in July 2020.

Semi-finished products were the most imported food in the Philippines in July, with consumption of 287,447 tons, up 23% from the same period last year and 99% from the same period last year. Imports of semi-finished products from the beginning of the year to the date amounted to 1.517 million tons, an increase of 3% compared to the same period last year.

The Philippines imported 23,042 tons of semi-finished products from Russia in July, which is 78% less than the same period last year and 50% y /y. The import of Russian semi-finished products for seven months amounted to 603,940 tons, an increase of 13% compared to the same period. period last year.

It also purchased 111,676 tonnes of Vietnamese semi-finished products in July, up 878% from last month, but unchanged from the same period last year. In the first seven months of the year, imports of Vietnamese semi-finished products amounted to 317 434 tons, which is 57% more than a year earlier. Vietnamese mills are relying on export markets as Covid-19 restrictions have reduced domestic demand.

Imports of flat products from the Philippines in July amounted to 221,040 tons, which is 13% less than in the same period last year, and 3% year-on-year. However, for seven months, the receipt increased by 38% compared to the same period last year and amounted to 1.719 million tons.

China was the main supplier of hot rolled carbon and alloy steel coil in July with 18,793 tons. This represents a decrease of 33% MoM and 24% YoY. In the year to July, imports of China's HRC increased 32% year-on-year to 233,211 tonnes.

The Philippines imported 104,692 tons of long positions, down 29% from the previous year and 18% from the same period last year. However, total imports of long positions rose 18% in seven months to 1.062 million tonnes.

Pipe imports from the Philippines amounted to 37,545 tons, which is 7% less than year-on-year, but 4% more, and in seven months imports increased by 39% to 279,954 tons.

In July, the Philippines imported 327,202 tonnes of steel from East Asia, up 15% m /y and 19% y /y. In seven months of 2021, the company imported 2.835 million tonnes of steel from East Asia, up 26% from a year earlier. ...

Imports from Southeast Asia rose 50% MoM and 243% YoY to 208,380 tons. In January-July, this figure increased by 46% to 873,181 tons.