Vietnam: Steel Stranded Wire Market 2025

Steel Stranded Wire Market Size in Vietnam

The Vietnamese steel stranded wire market fell slightly to $X in 2022, declining by -4.4% against the previous year. Over the period under review, consumption recorded a relatively flat trend pattern. Over the period under review, the market attained the peak level at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Steel Stranded Wire Production in Vietnam

In value terms, steel stranded wire production dropped to $X in 2022 estimated in export price. In general, the total production indicated a temperate increase from 2012 to 2022: its value increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +17.1% against 2020 indices. The pace of growth appeared the most rapid in 2019 when the production volume increased by 45%. As a result, production attained the peak level of $X. From 2020 to 2022, production growth remained at a lower figure.

Steel Stranded Wire Exports

Exports from Vietnam

Steel stranded wire exports from Vietnam dropped to X tons in 2022, declining by -12.9% compared with 2021. Overall, exports, however, saw resilient growth. The growth pace was the most rapid in 2013 when exports increased by 130% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2021, and then dropped in the following year.

In value terms, steel stranded wire exports dropped significantly to $X in 2022. In general, exports, however, posted a buoyant expansion. The most prominent rate of growth was recorded in 2013 when exports increased by 88%. Over the period under review, the exports reached the maximum at $X in 2021, and then contracted significantly in the following year.

Exports by Country

The United States (X tons) was the main destination for steel stranded wire exports from Vietnam, with a 43% share of total exports. Moreover, steel stranded wire exports to the United States exceeded the volume sent to the second major destination, South Korea (X tons), fivefold. Japan (X tons) ranked third in terms of total exports with a 3.4% share.

From 2012 to 2022, the average annual growth rate of volume to the United States totaled +15.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+6.6% per year) and Japan (+42.3% per year).

In value terms, the United States ($X) remains the key foreign market for iron or steel stranded wire, ropes and cables exports from Vietnam, comprising 40% of total exports. The second position in the ranking was held by South Korea ($X), with a 7.3% share of total exports. It was followed by Japan, with a 4.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States totaled +12.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+3.5% per year) and Japan (+12.0% per year).

Export Prices by Country

In 2022, the average steel stranded wire export price amounted to $X per ton, reducing by -5.3% against the previous year. Over the period under review, the export price continues to indicate a noticeable decline. The growth pace was the most rapid in 2021 when the average export price increased by 14% against the previous year. 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 stood at a somewhat lower figure.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Japan ($X per ton) and Finland ($X per ton), while the average price for exports to South Korea ($X per ton) and the United States ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Finland (+3.9%), while the prices for the other major destinations experienced mixed trend patterns.

Steel Stranded Wire Imports

Imports into Vietnam

In 2022, after two years of growth, there was decline in overseas purchases of iron or steel stranded wire, ropes and cables, when their volume decreased by -2.6% to X tons. Over the period under review, imports, however, continue to indicate a remarkable increase. The pace of growth was the most pronounced in 2014 with an increase of 40%. Over the period under review, imports hit record highs at X tons in 2021, and then contracted modestly in the following year.

In value terms, steel stranded wire imports contracted to $X in 2022. Overall, imports, however, saw a prominent increase. The pace of growth appeared the most rapid in 2014 when imports increased by 33%. Over the period under review, imports attained the peak figure at $X in 2021, and then shrank in the following year.

Imports by Country

In 2022, China (X tons) was the main steel stranded wire supplier to Vietnam, with a 95% share of total imports. It was followed by South Korea (X tons), with a 1.9% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from China totaled +13.9%.

In value terms, China ($X) constituted the largest supplier of iron or steel stranded wire, ropes and cables to Vietnam, comprising 87% of total imports. The second position in the ranking was taken by South Korea ($X), with a 4.9% share of total imports.

From 2012 to 2022, the average annual growth rate of value from China totaled +16.7%.

Import Prices by Country

The average steel stranded wire import price stood at $X per ton in 2022, falling by -9% against the previous year. In general, the import price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the average import price increased by 23% against the previous year. As a result, import price attained the peak level of $X per ton, and then contracted 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 South Korea ($X per ton), while the price for China stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+6.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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