Vietnam: Market for Raw Steel And Steel Semi-Finished Products 2024

Market Size for Raw Steel And Steel Semi-Finished Products in Vietnam

The Vietnamese market for raw steel and steel semi-finished products contracted to $X in 2021, with a decrease of -9.8% against the previous year. In general, consumption, however, recorded buoyant growth. Consumption of peaked at $X in 2020, and then dropped in the following year.

Production of Raw Steel And Steel Semi-Finished Products in Vietnam

In value terms, production of raw steel and steel semi-finished products shrank to $X in 2021 estimated in export price. Over the period under review, production, however, saw significant growth. The most prominent rate of growth was recorded in 2016 when the production volume increased by 125% against the previous year. Production of peaked at $X in 2020, and then fell in the following year.

Exports of Raw Steel And Steel Semi-Finished Products

Exports from Vietnam

In 2021, the amount of raw steel and steel semi-finished products exported from Vietnam rose remarkably to X tons, surging by 7.3% against the previous year's figure. Overall, exports, however, recorded a dramatic curtailment. The pace of growth appeared the most rapid in 2017 when exports increased by 17% against the previous year. Over the period under review, the exports of attained the peak figure at X tons in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, exports of raw steel and steel semi-finished products rose significantly to $X in 2021. Over the period under review, exports, however, showed a deep downturn. The growth pace was the most rapid in 2017 when exports increased by 31%. Over the period under review, the exports of reached the peak figure at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for exports of raw steel and steel semi-finished products from Vietnam, accounting for a 61% share of total exports. Moreover, exports of raw steel and steel semi-finished products to China exceeded the volume sent to the second major destination, the Philippines (X tons), fivefold. Taiwan (Chinese) (X tons) ranked third in terms of total exports with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China totaled +54.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (-35.5% per year) and Taiwan (Chinese) (+31.3% per year).

In value terms, China ($X) remains the key foreign market for raw steel and steel semi-finished products exports from Vietnam, comprising 57% of total exports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 13% share of total exports. It was followed by India, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value to China totaled +49.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (+13.0% per year) and India (+66.0% per year).

Export Prices by Country

In 2021, the average export price for raw steel and steel semi-finished products amounted to $X per ton, dropping by -1.8% against the previous year. Overall, export price indicated notable growth from 2012 to 2021: its price increased at an average annual rate of +3.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, export price for raw steel and steel semi-finished products increased by +51.2% against 2015 indices. The growth pace was the most rapid in 2016 when the average export price increased by 18% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2020, and then reduced modestly in the following year.

Prices varied noticeably country of destination: the country with the highest price was India ($X per ton), while the average price for exports to Indonesia ($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 India (+20.2%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Raw Steel And Steel Semi-Finished Products

Imports into Vietnam

In 2021, purchases abroad of raw steel and steel semi-finished products decreased by -51.5% to X tons, falling for the sixth year in a row after two years of growth. In general, imports saw a precipitous shrinkage. The growth pace was the most rapid in 2015 when imports increased by 200% against the previous year. As a result, imports reached the peak of X tons. From 2016 to 2021, the growth of imports of failed to regain momentum.

In value terms, imports of raw steel and steel semi-finished products shrank to $X in 2021. Overall, imports continue to indicate a deep reduction. The pace of growth appeared the most rapid in 2015 with an increase of 93%. As a result, imports reached the peak of $X. From 2016 to 2021, the growth of imports of remained at a somewhat lower figure.

Imports by Country

China (X tons), Taiwan (Chinese) (X tons) and Japan (X tons) were the main suppliers of imports of raw steel and steel semi-finished products to Vietnam, with a combined 77% share of total imports. India, South Korea, the United States and Malaysia lagged somewhat behind, together accounting for a further 19%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by India (with a CAGR of +33.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest raw steel and steel semi-finished products suppliers to Vietnam were China ($X), Taiwan (Chinese) ($X) and India ($X), together accounting for 71% of total imports.

India, with a CAGR of +36.3%, recorded the highest growth rate of 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 import price for raw steel and steel semi-finished products stood at $X per ton in 2021, with an increase of 90% against the previous year. Overall, the import price showed resilient growth. 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, the country with the highest price was India ($X per ton), while the price for Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+17.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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