Vietnam: Market for Hot-Rolled Round Bars Of Stainless Steel 2024

Market Size for Hot-Rolled Round Bars Of Stainless Steel in Vietnam

The Vietnamese hot-rolled round stainless steel market reduced dramatically to $X in 2021, waning by -21.6% against the previous year. Over the period under review, consumption, however, recorded buoyant growth. As a result, consumption attained the peak level of $X, and then declined significantly in the following year.

Production of Hot-Rolled Round Bars Of Stainless Steel in Vietnam

In value terms, hot-rolled round stainless steel production declined markedly to $X in 2021 estimated in export price. In general, production, however, recorded a prominent increase. The most prominent rate of growth was recorded in 2020 with an increase of 178% against the previous year. As a result, production reached the peak level of $X, and then reduced rapidly in the following year.

Exports of Hot-Rolled Round Bars Of Stainless Steel

Exports from Vietnam

In 2021, approx. X tons of hot-rolled round bars of stainless steel were exported from Vietnam; with an increase of 577% compared with 2020. Over the period under review, exports enjoyed a significant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, hot-rolled round stainless steel exports soared to $X in 2021. In general, exports posted a significant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Slovenia (X tons) was the main destination for hot-rolled round stainless steel exports from Vietnam, with a 88% share of total exports. Moreover, hot-rolled round stainless steel exports to Slovenia exceeded the volume sent to the second major destination, South Korea (X tons), ninefold. The third position in this ranking was held by Cambodia (X tons), with a 0.6% share.

From 2012 to 2021, the average annual growth rate of volume to Slovenia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+41.8% per year) and Cambodia (-13.2% per year).

In value terms, Slovenia ($X) emerged as the key foreign market for hot-rolled round bars of stainless steel exports from Vietnam, comprising 89% of total exports. The second position in the ranking was held by South Korea ($X), with an 8.6% share of total exports. It was followed by Cambodia, with a 0.6% share.

From 2012 to 2021, the average annual growth rate of value to Slovenia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+31.6% per year) and Cambodia (-15.1% per year).

Export Prices by Country

In 2021, the average hot-rolled round stainless steel export price amounted to $X per ton, growing by 18% against the previous year. Over the period under review, export price indicated moderate growth from 2012 to 2021: its price increased at an average annual rate of +4.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 when the average export price increased by 53% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2015; however, from 2016 to 2021, the export prices failed to regain momentum.

Average prices varied noticeably for the major external markets. In 2021, amid the top suppliers, the highest price was recorded for prices to Slovenia ($X per ton) and China ($X per ton), while the average price for exports to South Korea ($X per ton) and Cambodia ($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 China (+2.2%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Hot-Rolled Round Bars Of Stainless Steel

Imports into Vietnam

In 2021, after two years of decline, there was significant growth in supplies from abroad of hot-rolled round bars of stainless steel, when their volume increased by 55% to X tons. Overall, imports continue to indicate a remarkable increase. The growth pace was the most rapid in 2018 with an increase of 111%. As a result, imports attained the peak of X tons. From 2019 to 2021, the growth of imports remained at a lower figure.

In value terms, hot-rolled round stainless steel imports surged to $X in 2021. In general, imports posted prominent growth. The most prominent rate of growth was recorded in 2018 with an increase of 167%. As a result, imports attained the peak of $X. From 2019 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

South Korea (X tons), China (X tons) and Japan (X tons) were the main suppliers of hot-rolled round stainless steel imports to Vietnam, together comprising 63% of total imports. India, Austria, the United States and Taiwan (Chinese) lagged somewhat behind, together accounting for a further 31%.

From 2012 to 2021, the biggest increases were recorded for Austria (with a CAGR of +182.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, South Korea ($X), China ($X) and Japan ($X) constituted the largest hot-rolled round stainless steel suppliers to Vietnam, together comprising 63% of total imports. These countries were followed by India, Austria, the United States and Taiwan (Chinese), which together accounted for a further 31%.

In terms of the main suppliers, Austria, with a CAGR of +151.0%, recorded 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 2021, the average hot-rolled round stainless steel import price amounted to $X per ton, approximately equating the previous year. In general, the import price recorded a slight increase. The most prominent rate of growth was recorded in 2018 an increase of 26%. Over the period under review, average import prices attained the maximum in 2021 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 India ($X per ton) and Japan ($X per ton), while the price for China ($X per ton) and South Korea ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+4.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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