Vietnam: Market for Flat-Rolled Products Of Silicon-Electrical Steel 2025

Market Size for Flat-Rolled Products Of Silicon-Electrical Steel in Vietnam

The Vietnamese silicon-electrical steel flat-rolled product market declined sharply to $X in 2021, waning by -29.6% against the previous year. In general, consumption saw a abrupt shrinkage. As a result, consumption attained the peak level of $X. From 2016 to 2021, the growth of the market failed to regain momentum.

Production of Flat-Rolled Products Of Silicon-Electrical Steel in Vietnam

In value terms, silicon-electrical steel flat-rolled product production shrank dramatically to $X in 2021 estimated in export price. Over the period under review, production continues to indicate a abrupt contraction. The pace of growth was the most pronounced in 2020 when the production volume increased by 125%. Silicon-electrical steel flat-rolled product production peaked at $X in 2015; however, from 2016 to 2021, production remained at a lower figure.

Exports of Flat-Rolled Products Of Silicon-Electrical Steel

Exports from Vietnam

In 2021, shipments abroad of flat-rolled products of silicon-electrical steel increased by 72% to X tons, rising for the second year in a row after two years of decline. Over the period under review, exports posted significant growth. The most prominent rate of growth was recorded in 2014 when exports increased by 306% against the previous year. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the immediate term.

In value terms, silicon-electrical steel flat-rolled product exports surged to $X in 2021. In general, exports recorded a significant increase. The growth pace was the most rapid in 2014 with an increase of 252%. Over the period under review, the exports hit record highs in 2021 and are likely to continue growth in years to come.

Exports by Country

Brazil (X tons), Thailand (X tons) and Italy (X tons) were the main destinations of silicon-electrical steel flat-rolled product exports from Vietnam, together accounting for 66% of total exports. These countries were followed by Malaysia and Mexico, which together accounted for a further 29%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Malaysia (with a CAGR of +142.0%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for silicon-electrical steel flat-rolled product exported from Vietnam were Brazil ($X), Thailand ($X) and Italy ($X), together comprising 66% of total exports. Malaysia and Mexico lagged somewhat behind, together comprising a further 29%.

Among the main countries of destination, Malaysia, with a CAGR of +147.2%, recorded the highest growth rate of 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 silicon-electrical steel flat-rolled product export price amounted to $X per ton, with an increase of 75% against the previous year. Over the period under review, export price indicated a notable increase from 2012 to 2021: its price increased at an average annual rate of +3.9% over the last nine years. 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.

Average prices varied noticeably for the major external markets. In 2021, amid the top suppliers, the highest price was recorded for prices to Thailand ($X per ton) and Malaysia ($X per ton), while the average price for exports to Italy ($X per ton) and Brazil ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Italy (+6.2%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Flat-Rolled Products Of Silicon-Electrical Steel

Imports into Vietnam

In 2021, approx. X tons of flat-rolled products of silicon-electrical steel were imported into Vietnam; picking up by 4.2% against the previous year's figure. The total import volume increased at an average annual rate of +2.8% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2019 with an increase of 21% against the previous year. 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, silicon-electrical steel flat-rolled product imports soared to $X in 2021. In general, total imports indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +6.4% 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 +58.1% against 2018 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

China (X tons), South Korea (X tons) and Japan (X tons) were the main suppliers of silicon-electrical steel flat-rolled product imports to Vietnam, together accounting for 85% of total imports.

From 2012 to 2021, the biggest increases were recorded for China (with a CAGR of +30.9%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, the largest silicon-electrical steel flat-rolled product suppliers to Vietnam were China ($X), Japan ($X) and South Korea ($X), with a combined 86% share of total imports.

China, with a CAGR of +37.6%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average silicon-electrical steel flat-rolled product import price stood at $X per ton in 2021, rising by 37% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.4%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+6.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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