Vietnam: Market for Hot-Rolled Steel Bars and Rods 2025

Market Size for Hot-Rolled Steel Bars and Rods in Vietnam

In 2021, the Vietnamese market for hot-rolled steel bars and rods decreased by -6% to $X, falling for the third year in a row after two years of growth. Over the period under review, the total consumption indicated moderate growth from 2012 to 2021: its value increased at an average annual rate of +4.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -8.5% against 2018 indices. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market remained at a lower figure.

Production of Hot-Rolled Steel Bars and Rods in Vietnam

In value terms, hot-rolled steel bar and rod production reduced slightly to $X in 2021 estimated in export price. In general, production, however, showed a resilient increase. The growth pace was the most rapid in 2018 when the production volume increased by 34% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2021, production growth remained at a lower figure.

Exports of Hot-Rolled Steel Bars and Rods

Exports from Vietnam

In 2021, the amount of hot-rolled steel bars and rods exported from Vietnam soared to X tons, jumping by 33% against 2020 figures. Over the period under review, exports enjoyed significant growth. The most prominent rate of growth was recorded in 2017 when exports increased by 136%. Over the period under review, the exports reached the peak figure in 2021 and are likely to see gradual growth in years to come.

In value terms, hot-rolled steel bar and rod exports surged to $X in 2021. In general, exports continue to indicate a significant expansion. The pace of growth was the most pronounced in 2017 with an increase of 169% against the previous year. The exports peaked in 2021 and are expected to retain growth in the near future.

Exports by Country

Cambodia (X tons), Hong Kong SAR (X tons) and Canada (X tons) were the main destinations of hot-rolled steel bar and rod exports from Vietnam, together comprising 55% of total exports.

From 2012 to 2021, the biggest increases were recorded for Hong Kong SAR (with a CAGR of +872.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for hot-rolled steel bar and rod exported from Vietnam were Cambodia ($X), Hong Kong SAR ($X) and Canada ($X), together comprising 54% of total exports.

Among the main countries of destination, Hong Kong SAR, with a CAGR of +976.1%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average export price for hot-rolled steel bars and rods stood at $X per ton in 2021, with an increase of 49% against the previous year. Overall, export price indicated a mild expansion from 2012 to 2021: its price increased at an average annual rate of +1.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably for the major external markets. In 2021, amid the top suppliers, the highest price was recorded for prices to Thailand ($X per ton) and the Philippines ($X per ton), while the average price for exports to Hong Kong SAR ($X per ton) and Cambodia ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Hong Kong SAR (+10.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Hot-Rolled Steel Bars and Rods

Imports into Vietnam

Hot-rolled steel bar and rod imports into Vietnam expanded markedly to X tons in 2021, with an increase of 12% against 2020 figures. Overall, imports enjoyed tangible growth. The most prominent rate of growth was recorded in 2013 when imports increased by 61%. Imports peaked at X tons in 2015; however, from 2016 to 2021, imports remained at a lower figure.

In value terms, hot-rolled steel bar and rod imports surged to $X in 2021. Over the period under review, total imports indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +7.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Imports peaked at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest hot-rolled steel bar and rod supplier to Vietnam, accounting for a 54% share of total imports. Moreover, hot-rolled steel bar and rod imports from China exceeded the figures recorded by the second-largest supplier, South Korea (X tons), threefold. Japan (X tons) ranked third in terms of total imports with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +3.6%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+10.9% per year) and Japan (+4.0% per year).

In value terms, China ($X) constituted the largest supplier of hot-rolled steel bars and rods to Vietnam, comprising 52% of total imports. The second position in the ranking was taken by South Korea ($X), with a 19% share of total imports. It was followed by Japan, with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled +6.9%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+11.4% per year) and Japan (+5.3% per year).

Import Prices by Country

The average import price for hot-rolled steel bars and rods stood at $X per ton in 2021, growing by 44% against the previous year. In general, import price indicated noticeable growth from 2012 to 2021: its price increased at an average annual rate of +2.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, hot-rolled steel bar and rod import price increased by +24.4% against 2018 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+3.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :