Vietnam: Cold-Rolled Steel Products Market 2024

Cold-Rolled Steel Products Market Size in Vietnam

The Vietnamese cold-rolled steel products market soared to $X in 2022, jumping by 37% against the previous year. In general, consumption showed a significant expansion. Over the period under review, the market attained the maximum level at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Cold-Rolled Steel Products Production in Vietnam

In value terms, cold-rolled steel products production totaled $X in 2022 estimated in export price. In general, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of 12,357,497,000%. As a result, production attained the peak level of $X. From 2015 to 2022, production growth remained at a somewhat lower figure.

Cold-Rolled Steel Products Exports

Exports from Vietnam

In 2022, the amount of flat-rolled products of iron or steel (not further worked than cold-rolled) exported from Vietnam dropped to X tons, waning by -14.7% compared with the year before. In general, exports recorded a slight curtailment. The pace of growth appeared the most rapid in 2021 with an increase of 41%. Over the period under review, the exports hit record highs at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, cold-rolled steel products exports fell to $X in 2022. Overall, exports saw a slight contraction. The pace of growth appeared the most rapid in 2021 with an increase of 35% against the previous year. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

Mexico (X tons), the United States (X tons) and Malaysia (X tons) were the main destinations of cold-rolled steel products exports from Vietnam, together comprising 53% 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 Mexico (with a CAGR of +68.2%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for cold-rolled steel products exported from Vietnam were Mexico ($X), the United States ($X) and Belgium ($X), together comprising 45% of total exports.

In terms of the main countries of destination, Mexico, with a CAGR of +66.9%, 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 2022, the average cold-rolled steel products export price amounted to $X per ton, with an increase of 2.1% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the average export price increased by 27%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Poland ($X per ton), while the average price for exports to Pakistan ($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 India (+8.5%), while the prices for the other major destinations experienced more modest paces of growth.

Cold-Rolled Steel Products Imports

Imports into Vietnam

Cold-rolled steel products imports into Vietnam dropped modestly to X tons in 2022, with a decrease of -4.2% against the year before. Over the period under review, total imports indicated temperate growth from 2012 to 2022: its volume increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +4.7% against 2020 indices. The most prominent rate of growth was recorded in 2016 when imports increased by 31% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, cold-rolled steel products imports dropped modestly to $X in 2022. Overall, total imports indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +4.7% against 2020 indices. The most prominent rate of growth was recorded in 2017 when imports increased by 32% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

China (X tons), Japan (X tons) and South Korea (X tons) were the main suppliers of cold-rolled steel products imports to Vietnam, with a combined 81% share of total imports. Taiwan (Chinese), Thailand and India lagged somewhat behind, together accounting for a further 14%.

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of +14.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest cold-rolled steel products suppliers to Vietnam were China ($X), Japan ($X) and South Korea ($X), together comprising 76% of total imports. Taiwan (Chinese), Thailand and India lagged somewhat behind, together accounting for a further 13%.

Among the main suppliers, Thailand, with a CAGR of +16.3%, saw the highest growth rate of 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

The average cold-rolled steel products import price stood at $X per ton in 2022, almost unchanged from the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 18%. Over the period under review, average import prices hit record highs at $X per ton in 2019; afterwards, it flattened through to 2022.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+2.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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