Vietnam: Hot-Rolled Free-Cutting Steel Market 2025

Hot-Rolled Free-Cutting Steel Market Size in Vietnam

In 2021, the Vietnamese hot-rolled free-cutting steel market was finally on the rise to reach $X after five years of decline. Over the period under review, consumption recorded a buoyant increase. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Hot-Rolled Free-Cutting Steel Production in Vietnam

In value terms, hot-rolled free-cutting steel production contracted to $X in 2021 estimated in export price. Over the period under review, production showed a abrupt curtailment. The most prominent rate of growth was recorded in 2020 when the production volume increased by 36%. Hot-rolled free-cutting steel production peaked at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Hot-Rolled Free-Cutting Steel Exports

Exports from Vietnam

In 2021, approx. X tons of hot-rolled bars in free-cutting steels were exported from Vietnam; reducing by -71.8% on the year before. Over the period under review, exports continue to indicate a abrupt downturn. The most prominent rate of growth was recorded in 2018 with an increase of 479% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, hot-rolled free-cutting steel exports dropped rapidly to $X in 2021. Overall, exports continue to indicate a deep contraction. The pace of growth appeared the most rapid in 2018 with an increase of 611% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Lao People's Democratic Republic (X tons), Cambodia (X tons) and the Philippines (X tons) were the main destinations of hot-rolled free-cutting steel exports from Vietnam, together comprising 97% of total exports.

From 2012 to 2021, the biggest increases were recorded for Cambodia (with a CAGR of +22.7%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, Lao People's Democratic Republic ($X), Cambodia ($X) and the Philippines ($X) constituted the largest markets for hot-rolled free-cutting steel exported from Vietnam worldwide, with a combined 94% share of total exports.

Cambodia, with a CAGR of +26.8%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average hot-rolled free-cutting steel export price stood at $X per ton in 2021, rising by 50% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The export price peaked at $X per ton in 2012; afterwards, it flattened through to 2021.

Prices varied noticeably country of destination: the country with the highest price was Taiwan (Chinese) ($X per ton), while the average price for exports to Lao People's Democratic Republic ($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 Taiwan (Chinese) (+8.1%), while the prices for the other major destinations experienced mixed trend patterns.

Hot-Rolled Free-Cutting Steel Imports

Imports into Vietnam

Hot-rolled free-cutting steel imports into Vietnam skyrocketed to X tons in 2021, jumping by 22% compared with the previous year's figure. Over the period under review, imports, however, recorded a abrupt decrease. The most prominent rate of growth was recorded in 2019 with an increase of 103% against the previous year. Over the period under review, imports reached the maximum at X tons in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

In value terms, hot-rolled free-cutting steel imports soared to $X in 2021. In general, imports, however, recorded a abrupt contraction. The most prominent rate of growth was recorded in 2017 when imports increased by 276% against the previous year. Over the period under review, imports reached the peak figure at $X in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Japan (X tons), India (X tons) and Singapore (X tons) were the main suppliers of hot-rolled free-cutting steel imports to Vietnam, with a combined 80% share of total imports. South Korea, China, Turkey, the Netherlands and the United States lagged somewhat behind, together comprising a further 19%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Turkey (with a CAGR of +37.4%), while imports for the other leaders experienced mixed trend patterns.

In value terms, the largest hot-rolled free-cutting steel suppliers to Vietnam were Japan ($X), India ($X) and Singapore ($X), with a combined 76% share of total imports. South Korea, the United States, China, Turkey and the Netherlands lagged somewhat behind, together accounting for a further 21%.

Turkey, with a CAGR of +33.8%, 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

In 2021, the average hot-rolled free-cutting steel import price amounted to $X per ton, surging by 39% against the previous year. Over the period under review, the import price, however, recorded a slight downturn. The growth pace was the most rapid in 2017 an increase of 118% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was the United States ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+40.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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