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According to the General Department of Customs, Vietnam imported a total 944,865 tonnes of steel in January, a YoY drop of 18 percent. The strongest falls were from Russia down 97 percent.

Ukraine's interagency commission on international trade has decided to impose a 50.09% anti-dumping duty on imports of steel wires and wire ropes from Russia into Ukraine for five years.

"Japan's construction demand has slowed after completion of Olympic infrastructure," a Japanese trader said.