Vietnam: Ferro-Chromium Market 2024

Ferro-Chromium Market Size in Vietnam

The Vietnamese ferro-chromium market shrank modestly to $X in 2022, approximately equating the previous year. In general, consumption posted significant growth. Over the period under review, the market reached the maximum level at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Ferro-Chromium Production in Vietnam

In value terms, ferro-chromium production declined to $X in 2022 estimated in export price. Over the period under review, production saw a abrupt contraction. The pace of growth was the most pronounced in 2018 with an increase of 49%. Ferro-chromium production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Ferro-Chromium Exports

Exports from Vietnam

Ferro-chromium exports from Vietnam reduced remarkably to X tons in 2022, shrinking by -53.5% against the previous year's figure. Overall, exports saw a dramatic shrinkage. The pace of growth was the most pronounced in 2021 when exports increased by 5.5%. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, ferro-chromium exports fell significantly to $X in 2022. In general, exports recorded a precipitous decrease. The pace of growth appeared the most rapid in 2021 when exports increased by 31%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons), South Korea (X tons) and Taiwan (Chinese) (X tons) were the main destinations of ferro-chromium exports from Vietnam, with a combined 98% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by China (with a CAGR of -5.1%), while the other leaders experienced a decline.

In value terms, China ($X) emerged as the key foreign market for ferro-chromium exports from Vietnam, comprising 57% of total exports. The second position in the ranking was held by South Korea ($X), with a 22% share of total exports. It was followed by Taiwan (Chinese), with a 16% share.

From 2012 to 2022, the average annual growth rate of value to China stood at -33.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (-24.8% per year) and Taiwan (Chinese) (-23.3% per year).

Export Prices by Country

In 2022, the average ferro-chromium export price amounted to $X per ton, declining by -47.3% against the previous year. Over the period under review, the export price saw a abrupt descent. The most prominent rate of growth was recorded in 2021 an increase of 24% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to South Korea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Hong Kong SAR (+32.3%), while the prices for the other major destinations experienced more modest paces of growth.

Ferro-Chromium Imports

Imports into Vietnam

Ferro-chromium imports into Vietnam declined to X tons in 2022, which is down by -10.6% on the previous year. Over the period under review, imports, however, enjoyed a buoyant expansion. The most prominent rate of growth was recorded in 2017 with an increase of 114%. As a result, imports attained the peak of X tons. From 2018 to 2022, the growth of imports failed to regain momentum.

In value terms, ferro-chromium imports dropped dramatically to $X in 2022. In general, imports, however, showed measured growth. The growth pace was the most rapid in 2017 when imports increased by 281% against the previous year. As a result, imports attained the peak of $X. From 2018 to 2022, the growth of imports remained at a lower figure.

Imports by Country

India (X tons), China (X tons) and Taiwan (Chinese) (X tons) were the main suppliers of ferro-chromium imports to Vietnam, with a combined 85% share of total imports. Russia and South Korea lagged somewhat behind, together comprising a further 13%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by South Korea (with a CAGR of +41.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest ferro-chromium suppliers to Vietnam were China ($X), India ($X) and Taiwan (Chinese) ($X), together accounting for 85% of total imports.

Among the main suppliers, India, with a CAGR of +11.5%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average ferro-chromium import price amounted to $X per ton, dropping by -6.4% against the previous year. Over the period under review, the import price continues to indicate a perceptible setback. The pace of growth was the most pronounced in 2017 an increase of 78%. Over the period under review, average import prices attained the maximum at $X per ton in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+72.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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