Logo of Phnom Penh Post newspaper Phnom Penh Post - Cambodia logs over $84M of iron, steel imports in Q1

Cambodia logs over $84M of iron, steel imports in Q1

Content image - Phnom Penh Post
Iron and steel imports amounted to $84.08 million in January-March, up 3.5 per cent year-on-year. Heng Chivoan

Cambodia logs over $84M of iron, steel imports in Q1

Cambodia has imported iron and steel worth over $84 million in the first quarter of 2022 – an increase of over three per cent compared to the same period last year, according to the General Department of Customs and Excise (GDCE).

The GDCE said that during the first three months, iron and steel imports totalled $84.08 million – an increase of 3.5 per cent over the same period in 2021, when $81.23 million was recorded.

Last month alone, iron and steel imports accounted for $26.29 million – a drop of 12.1 per cent from $29.9 million over the same period last year.

Huy Vanna, secretary-general of advisory firm Housing Development Association of Cambodia (HDAC), told The Post that while there had been a marked decline in condominium construction during the Covid-19 era, work on other housing developments such as gated communities – known locally as Borey – has picked up. This has kept demand for iron and steel at normal levels, he said.

Although noting that housing demand was on the decline, Vanna said developers were still toiling away to complete existing projects, many of which have been fraught with delays since 2021.

Moreover, he said, prices of new homes have risen “a bit” over last year, pushed up by an uptick in costs for iron, steel, and “virtually all” construction materials.

The per-tonne prices of structural steel have climbed up to $800-900, from $600-700 last year, he added. “The rise in the costs of construction materials, especially iron and steel, may be due to the Russia-Ukraine crisis, the increase in fuel prices, which has also led to higher transport prices.”

Cambodia Constructors Association general manager and secretary Chiv Sivpheng told The Post that although the Covid-19 pandemic had disrupted some major development projects, especially those owned by local investors, construction was ongoing, citing Borey as examples.

He said construction remained underway while transactions had generally proceeded smoothly.

“The growth of private housing projects and Borey construction has increased the demand for steel imports in the construction sector. This growth will continue to gain momentum as the reopening of the country will attract more new international investors to Cambodia,” he said.

He says the Kingdom generally imports iron and steel from markets such as Vietnam, Thailand, China and South Korea.

Amid the pandemic in early December 2020, Chinese-owned Hong De Sheng (Cambodia) Steel Co Ltd’s $16.7 million steelworks in Kampong Speu province began operations. The factory reportedly boasts a production capacity of 500,000 tonnes of steel in its initial stage.

In 2021, a total of 4,303 new construction projects were approved nationwide, with cumulative registered capital investment of $5,333,798,525 – down by 31.21 per cent year-on-year – and total floor area of 12,998,072sqm, Ministry of Land Management, Urban Planning and Construction data shows.

MOST VIEWED

  • Five-year-old Hanuman dances his way into hearts of Cambodia

    A young talent from a new-established settlement has emerged, captivating the online world with his mesmerising performances of the traditional Cambodian monkey dance. Roeun Kakada is a five-year-old prodigy who has taken the social media sphere by storm with his exceptional dance skills and dedication

  • Fresh Covid warnings as Thai hospital fills

    A senior health official reminds the public to remain vigilant, as neighbouring countries experience an increase in Covid-19 cases, with the latest surge appearing to be a result of the Omicron XBB.1.5 sub-variant. Or Vandine, secretary of state and spokeswoman for the Ministry of Health,

  • Honda shutters Siem Reap football club

    Japanese football legend Keisuke Honda, the owner of Siem Reap football club Soltilo Angkor FC, has been forced to shut the club down, after it failed to attract sponsorship for the upcoming season. Honda, the former manager of the Cambodia men's national football team, said

  • Hun Sen warns of regional tensions

    ASIA is becoming a dangerous geopolitical hotspot, with several countries announcing that they intend to send naval vessels towards Southeast Asia and on to the South China Sea, warned Prime Minister Hun Sen. “Heated geopolitical issues can easily escalate, namely to war. I am not

  • PM declares ASEAN Para Games open

    The 12th ASEAN Para Games officially kicked off on the evening of June 3 at Morodok Techo National Stadium in Phnom Penh, with a spectacular opening ceremony featuring fireworks and performances by some of the Kingdom’s most accomplished talents. Tens of thousands of sports fans

  • Waterway job still pending for Kampot tourism port’s opening

    The search is still on for a contractor to expand and deepen the Kampot International Tourism Port’s waterway and deliver additional enhancements allowing safe access for larger vessels, nearly a year after the main construction work on the 4.25ha site was completed on June 30, 2022.