Vietnam: Market for Hot-Rolled Wire Rod In Coil Of Stainless Steel 2024

Market Size for Hot-Rolled Wire Rod In Coil Of Stainless Steel in Vietnam

In 2022, the Vietnamese market for hot-rolled wire rod in coil of stainless steel decreased by -10.8% to $X for the first time since 2019, thus ending a two-year rising trend. In general, consumption posted strong growth. Hot-rolled wire stainless steel rod consumption peaked at $X in 2021, and then reduced in the following year.

Exports of Hot-Rolled Wire Rod In Coil Of Stainless Steel

Exports from Vietnam

In 2022, the amount of hot-rolled wire rod in coil of stainless steel exported from Vietnam surged to X tons, with an increase of 198% on 2021 figures. Over the period under review, exports posted a significant expansion. The most prominent rate of growth was recorded in 2018 with an increase of 3,156% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the near future.

In value terms, hot-rolled wire stainless steel rod exports skyrocketed to $X in 2022. In general, exports saw a prominent increase. The most prominent rate of growth was recorded in 2018 when exports increased by 2,916%. As a result, the exports reached the peak of $X. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Singapore (X tons) was the main destination for hot-rolled wire stainless steel rod exports from Vietnam, accounting for a 90% share of total exports. Moreover, hot-rolled wire stainless steel rod exports to Singapore exceeded the volume sent to the second major destination, Cambodia (X tons), more than tenfold. The third position in this ranking was taken by the Philippines (X tons), with a 1.8% share.

From 2012 to 2022, the average annual growth rate of volume to Singapore amounted to +200.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cambodia (+42.2% per year) and the Philippines (+16.2% per year).

In value terms, Singapore ($X) remains the key foreign market for hot-rolled wire rod in coil of stainless steel exports from Vietnam, comprising 65% of total exports. The second position in the ranking was taken by the Philippines ($X), with a 15% share of total exports. It was followed by Japan, with a 7.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Singapore amounted to +121.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (+18.6% per year) and Japan (+44.7% per year).

Export Prices by Country

In 2022, the average export price for hot-rolled wire rod in coil of stainless steel amounted to $X per ton, shrinking by -27% against the previous year. Overall, the export price recorded a precipitous decrease. The pace of growth appeared the most rapid in 2017 an increase of 21%. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the Philippines ($X per ton), while the average price for exports to Singapore ($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 the Philippines (+2.1%), while the prices for the other major destinations experienced a decline.

Imports of Hot-Rolled Wire Rod In Coil Of Stainless Steel

Imports into Vietnam

In 2022, imports of hot-rolled wire rod in coil of stainless steel into Vietnam expanded to X tons, growing by 1.8% on 2021 figures. Overall, imports continue to indicate buoyant growth. The most prominent rate of growth was recorded in 2018 when imports increased by 55% against the previous year. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, hot-rolled wire stainless steel rod imports declined rapidly to $X in 2022. In general, imports recorded a resilient increase. The most prominent rate of growth was recorded in 2018 when imports increased by 74%. Over the period under review, imports attained the peak figure at $X in 2021, and then declined dramatically in the following year.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of hot-rolled wire stainless steel rod to Vietnam, accounting for a 69% share of total imports. Moreover, hot-rolled wire stainless steel rod imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), fivefold. South Korea (X tons) ranked third in terms of total imports with a 7.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +18.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+13.1% per year) and South Korea (+17.9% per year).

In value terms, China ($X) constituted the largest supplier of hot-rolled wire rod in coil of stainless steel to Vietnam, comprising 64% of total imports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 16% share of total imports. It was followed by South Korea, with a 9.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to +18.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+10.5% per year) and South Korea (+15.6% per year).

Import Prices by Country

In 2022, the average import price for hot-rolled wire rod in coil of stainless steel amounted to $X per ton, reducing by -16.6% against the previous year. Overall, the import price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the average import price increased by 49%. As a result, import price reached the peak level of $X per ton, and then fell dramatically in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Japan ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (-0.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :