Vietnam: Hot-Rolled Steel Products Market 2025

Hot-Rolled Steel Products Market Size in Vietnam

The Vietnamese hot-rolled steel products market reduced to $X in 2021, falling by -7.7% against the previous year. Over the period under review, consumption, however, continues to indicate resilient growth. Over the period under review, the market attained the maximum level at $X in 2020, and then fell in the following year.

Hot-Rolled Steel Products Production in Vietnam

In value terms, hot-rolled steel products production contracted modestly to $X in 2021 estimated in export price. In general, production, however, posted a remarkable increase. The pace of growth appeared the most rapid in 2018 when the production volume increased by 42%. Over the period under review, production reached the maximum level at $X in 2020, and then fell slightly in the following year.

Hot-Rolled Steel Products Exports

Exports from Vietnam

In 2021, the amount of flat-rolled products of iron or steel (not further worked than hot-rolled) exported from Vietnam soared to X tons, growing by 72% against 2020. In general, exports showed a significant expansion. The most prominent rate of growth was recorded in 2017 when exports increased by 196% against the previous year. Over the period under review, the exports attained the maximum in 2021 and are likely to see gradual growth in the near future.

In value terms, hot-rolled steel products exports surged to $X in 2021. Overall, exports enjoyed a significant increase. The pace of growth appeared the most rapid in 2017 when exports increased by 208%. The exports peaked in 2021 and are expected to retain growth in the immediate term.

Exports by Country

Malaysia (X tons), Italy (X tons) and Mexico (X tons) were the main destinations of hot-rolled steel products exports from Vietnam, with a combined 71% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Mexico (with a CAGR of +529.1%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for hot-rolled steel products exported from Vietnam were Malaysia ($X), Italy ($X) and Mexico ($X), with a combined 71% share of total exports.

Mexico, with a CAGR of +369.5%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average hot-rolled steel products export price stood at $X per ton in 2021, jumping by 77% against the previous year. Overall, export price indicated a tangible increase from 2012 to 2021: its price increased at an average annual rate of +3.9% 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.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Cambodia ($X per ton), while the average price for exports to China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Cambodia (+7.9%), while the prices for the other major destinations experienced more modest paces of growth.

Hot-Rolled Steel Products Imports

Imports into Vietnam

Hot-rolled steel products imports into Vietnam shrank sharply to X tons in 2021, falling by -20.1% on the previous year's figure. In general, total imports indicated a noticeable increase from 2012 to 2021: its volume increased at an average annual rate of +3.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -20.2% against 2019 indices. The pace of growth appeared the most rapid in 2013 with an increase of 24% against the previous year. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2021, imports failed to regain momentum.

In value terms, hot-rolled steel products imports surged to $X in 2021. Over the period under review, total imports indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +6.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +115.5% against 2015 indices. The pace of growth was the most pronounced in 2017 when imports increased by 39%. Over the period under review, imports attained the maximum in 2021 and are expected to retain growth in the immediate term.

Imports by Country

India (X tons), China (X tons) and Japan (X tons) were the main suppliers of hot-rolled steel products imports to Vietnam, with a combined 60% share of total imports. Taiwan (Chinese), South Korea, Russia, Indonesia and Brazil lagged somewhat behind, together accounting for a further 38%.

From 2012 to 2021, the biggest increases were recorded for Indonesia (with a CAGR of +59.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, India ($X), China ($X) and Japan ($X) constituted the largest hot-rolled steel products suppliers to Vietnam, with a combined 58% share of total imports. South Korea, Taiwan (Chinese), Indonesia, Russia and Brazil lagged somewhat behind, together accounting for a further 40%.

Indonesia, with a CAGR of +75.5%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average hot-rolled steel products import price stood at $X per ton in 2021, increasing by 65% against the previous year. Overall, import price indicated noticeable growth from 2012 to 2021: its price increased at an average annual rate of +3.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Indonesia ($X per ton), while the price for Brazil ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+9.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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