Vietnam: Flat-Rolled Steel Products Market 2024

Flat-Rolled Steel Products Market Size in Vietnam

In 2021, the Vietnamese flat-rolled steel products market decreased by -5.6% to $X for the first time since 2018, thus ending a two-year rising trend. Over the period under review, the total consumption indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +5.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +47.9% against 2018 indices. Over the period under review, the market attained the maximum level at $X in 2020, and then dropped in the following year.

Flat-Rolled Steel Products Production in Vietnam

In value terms, flat-rolled steel products production contracted slightly to $X in 2021 estimated in export price. In general, the total production indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +5.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +51.7% against 2018 indices. The most prominent rate of growth was recorded in 2019 when the production volume increased by 44% against the previous year. Flat-rolled steel products production peaked at $X in 2020, and then shrank slightly in the following year.

Flat-Rolled Steel Products Exports

Exports from Vietnam

Flat-rolled steel products exports from Vietnam skyrocketed to X tons in 2021, picking up by 71% compared with the previous year's figure. Over the period under review, exports saw a resilient increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, flat-rolled steel products exports soared to $X in 2021. Overall, exports saw resilient growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

The Philippines (X tons), Cambodia (X tons) and Singapore (X tons) were the main destinations of flat-rolled steel products exports from Vietnam, with a combined 67% share of total exports. These countries were followed by Thailand, Russia, Colombia, Bulgaria, Taiwan (Chinese), Italy, Indonesia, Oman and Greece, which together accounted for a further 28%.

From 2012 to 2021, the biggest increases were recorded for Colombia (with a CAGR of +296.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for flat-rolled steel products exported from Vietnam were the Philippines ($X), Cambodia ($X) and Singapore ($X), together comprising 69% of total exports. These countries were followed by Thailand, Russia, Colombia, Bulgaria, Taiwan (Chinese), Oman, Indonesia, Italy and Greece, which together accounted for a further 27%.

In terms of the main countries of destination, Colombia, with a CAGR of +295.5%, saw 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

In 2021, the average flat-rolled steel products export price amounted to $X per ton, which is down by -3.4% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 20% against the previous year. The export price peaked at $X per ton in 2020, and then contracted in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Oman ($X per ton), while the average price for exports to Italy ($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 Oman (+15.5%), while the prices for the other major destinations experienced more modest paces of growth.

Flat-Rolled Steel Products Imports

Imports into Vietnam

In 2021, supplies from abroad of flat-rolled products of iron or non-alloy steel decreased by -8.6% to X tons, falling for the second consecutive year after two years of growth. Over the period under review, total imports indicated a remarkable increase from 2012 to 2021: its volume increased at an average annual rate of +6.5% 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 -12.4% against 2019 indices. The pace of growth appeared the most rapid in 2019 with an increase of 25%. As a result, imports reached the peak of X tons. From 2020 to 2021, the growth of imports remained at a lower figure.

In value terms, flat-rolled steel products imports totaled $X in 2021. In general, total imports indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +7.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +66.2% against 2017 indices. The growth pace was the most rapid in 2018 with an increase of 35% against the previous year. Imports peaked in 2021 and are likely to see gradual growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of flat-rolled steel products to Vietnam, with a 83% share of total imports. Moreover, flat-rolled steel products imports from China exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), more than tenfold. The third position in this ranking was taken by Japan (X tons), with a 4.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +10.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+23.8% per year) and Japan (+0.6% per year).

In value terms, China ($X) constituted the largest supplier of flat-rolled products of iron or non-alloy steel to Vietnam, comprising 82% of total imports. The second position in the ranking was taken by Malaysia ($X), with a 7.8% share of total imports. It was followed by Japan, with a 4.1% share.

From 2012 to 2021, the average annual growth rate of value from China amounted to +11.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+23.9% per year) and Japan (+5.4% per year).

Import Prices by Country

The average flat-rolled steel products import price stood at $X per ton in 2021, jumping by 22% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the highest price was recorded for prices from South Korea ($X per ton) and Malaysia ($X per ton), while the price for China ($X per ton) and Japan ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+4.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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