Report Vietnam - Iron Ores and Concentrates - Market Analysis, Forecast, Size, Trends and Insights for 499$
Report Update Nov 1, 2024

Vietnam - Iron Ores and Concentrates - Market Analysis, Forecast, Size, Trends and Insights

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Vietnam: Iron Ore Market 2024

Iron Ore Market Size in Vietnam

The Vietnamese iron ore market skyrocketed to $X in 2021, jumping by 18% against the previous year. In general, consumption recorded a significant increase. Over the period under review, the market hit record highs in 2021 and is expected to retain growth in years to come.

Iron Ore Production in Vietnam

In value terms, iron ore production contracted notably to $X in 2021 estimated in export price. In general, production, however, recorded strong growth. The most prominent rate of growth was recorded in 2017 with an increase of 907,552%. Over the period under review, production reached the maximum level at $X in 2020, and then fell dramatically in the following year.

Iron Ore Exports

Exports from Vietnam

In 2021, approx. X tons of iron ores and concentrates were exported from Vietnam; picking up by 598% compared with 2020 figures. In general, exports, however, continue to indicate a abrupt slump. The most prominent rate of growth was recorded in 2016 when exports increased by 2,111% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, iron ore exports surged to $X in 2021. Overall, exports, however, recorded a deep slump. The pace of growth appeared the most rapid in 2016 when exports increased by 1,506%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for iron ore exports from Vietnam, accounting for a 82% share of total exports. Moreover, iron ore exports to China exceeded the volume sent to the second major destination, Belgium (X tons), more than tenfold. South Korea (X tons) ranked third in terms of total exports with a 4.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China amounted to -18.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (0.0% per year) and South Korea (+447.1% per year).

In value terms, China ($X) remains the key foreign market for iron ores and concentrates exports from Vietnam, comprising 82% of total exports. The second position in the ranking was taken by Belgium ($X), with a 4.7% share of total exports. It was followed by South Korea, with a 4.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value to China amounted to -18.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (0.0% per year) and South Korea (+262.0% per year).

Export Prices by Country

In 2021, the average iron ore export price amounted to $X per ton, picking up by 14% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the average export price increased by 33% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Average prices varied noticeably for the major foreign markets. In 2021, amid the top suppliers, the highest price was recorded for prices to Japan ($X per ton) and the Netherlands ($X per ton), while the average price for exports to 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 recorded for supplies to Japan (+13.7%), while the prices for the other major destinations experienced a decline.

Iron Ore Imports

Imports into Vietnam

In 2021, iron ore imports into Vietnam surged to X tons, jumping by 17% against 2020. Overall, imports continue to indicate a significant increase. The pace of growth was the most pronounced in 2016 when imports increased by 1,617%. Imports peaked in 2021 and are expected to retain growth in the near future.

In value terms, iron ore imports soared to $X in 2021. Over the period under review, imports continue to indicate a significant increase. The most prominent rate of growth was recorded in 2016 with an increase of 918% against the previous year. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in years to come.

Imports by Country

Australia (X tons), Brazil (X tons) and South Africa (X tons) were the main suppliers of iron ore imports to Vietnam, with a combined 91% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Australia (with a CAGR of +173.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Australia ($X), Brazil ($X) and South Africa ($X) constituted the largest iron ore suppliers to Vietnam, with a combined 91% share of total imports.

Australia, with a CAGR of +177.0%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average iron ore import price stood at $X per ton in 2021, growing by 10% against the previous year. Overall, the import price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 an increase of 36%. The import price peaked in 2021 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Brazil ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Africa (+3.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

The countries with the highest volumes of iron ore consumption in 2020 were China, Australia and Russia, with a combined 74% share of global consumption.
The country with the largest volume of iron ore production was Australia, comprising approx. 48% of total volume. Moreover, iron ore production in Australia exceeded the figures recorded by the second-largest producer, Brazil, threefold. The third position in this ranking was occupied by Russia, with a 15% share.
In value terms, the largest iron ore suppliers to Vietnam were Australia, Brazil and South Africa, with a combined 90% share of total imports.
In value terms, China remains the key foreign market for iron ore exports from Vietnam.
In 2020, the average iron ore export price amounted to $80 per ton, with an increase of 33% against the previous year.
In 2020, the average iron ore import price amounted to $98 per ton, with an increase of 35% against the previous year.

This report provides an in-depth analysis of the iron ore market in Vietnam. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

  • Prodcom 07101000 - Iron ores and concentrates (excluding roasted iron pyrites)
  • Prodcom 07101010 -
  • Prodcom 07101020 -

Country coverage:

  • Vietnam

Data coverage:

  • Market volume and value
  • Per Capita consumption
  • Forecast of the market dynamics in the medium term
  • Trade (exports and imports) in Vietnam
  • Export and import prices
  • Market trends, drivers and restraints
  • Key market players and their profiles

Reasons to buy this report:

  • Take advantage of the latest data
  • Find deeper insights into current market developments
  • Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

  1. How to diversify your business and benefit from new market opportunities
  2. How to load your idle production capacity
  3. How to boost your sales on overseas markets
  4. How to increase your profit margins
  5. How to make your supply chain more sustainable
  6. How to reduce your production and supply chain costs
  7. How to outsource production to other countries
  8. How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

  1. 1. INTRODUCTION

    Making Data-Driven Decisions to Grow Your Business

    1. REPORT DESCRIPTION
    2. RESEARCH METHODOLOGY AND AI PLATFORM
    3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
    4. GLOSSARY AND SPECIFIC TERMS
  2. 2. EXECUTIVE SUMMARY

    A Quick Overview of Market Performance

    1. KEY FINDINGS
    2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
  3. 3. MARKET OVERVIEW

    Understanding the Current State of The Market and Its Prospects

    1. MARKET SIZE
    2. MARKET STRUCTURE
    3. TRADE BALANCE
    4. PER CAPITA CONSUMPTION
    5. MARKET FORECAST TO 2030
  4. 4. MOST PROMISING PRODUCT

    Finding New Products to Diversify Your Business

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
    2. BEST-SELLING PRODUCTS
    3. MOST CONSUMED PRODUCT
    4. MOST TRADED PRODUCT
    5. MOST PROFITABLE PRODUCT FOR EXPORT
  5. 5. MOST PROMISING SUPPLYING COUNTRIES

    Choosing the Best Countries to Establish Your Sustainable Supply Chain

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
    2. TOP PRODUCING COUNTRIES
    3. TOP EXPORTING COUNTRIES
    4. LOW-COST EXPORTING COUNTRIES
  6. 6. MOST PROMISING OVERSEAS MARKETS

    Choosing the Best Countries to Boost Your Exports

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
    2. TOP CONSUMING MARKETS
    3. UNSATURATED MARKETS
    4. TOP IMPORTING MARKETS
    5. MOST PROFITABLE MARKETS
  7. 7. PRODUCTION

    The Latest Trends and Insights into The Industry

    1. PRODUCTION VOLUME AND VALUE
  8. 8. IMPORTS

    The Largest Import Supplying Countries

    1. IMPORTS FROM 2012–2023
    2. IMPORTS BY COUNTRY
    3. IMPORT PRICES BY COUNTRY
  9. 9. EXPORTS

    The Largest Destinations for Exports

    1. EXPORTS FROM 2012–2023
    2. EXPORTS BY COUNTRY
    3. EXPORT PRICES BY COUNTRY
  10. 10. PROFILES OF MAJOR PRODUCERS

    The Largest Producers on The Market and Their Profiles

    This Chapter is Available Only for the Professional Edition PRO
  11. LIST OF TABLES

    1. Key Findings In 2023
    2. Market Volume, In Physical Terms, 2012–2023
    3. Market Value, 2012–2023
    4. Per Capita Consumption In 2012-2023
    5. Imports, In Physical Terms, By Country, 2012–2023
    6. Imports, In Value Terms, By Country, 2012–2023
    7. Import Prices, By Country Of Origin, 2012–2023
    8. Exports, In Physical Terms, By Country, 2012–2023
    9. Exports, In Value Terms, By Country, 2012–2023
    10. Export Prices, By Country Of Destination, 2012–2023
  12. LIST OF FIGURES

    1. Market Volume, In Physical Terms, 2012–2023
    2. Market Value, 2012–2023
    3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
    4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
    5. Trade Balance, In Physical Terms, 2012-2023
    6. Trade Balance, In Value Terms, 2012-2023
    7. Per Capita Consumption, 2012-2023
    8. Market Volume Forecast to 2030
    9. Market Value Forecast to 2030
    10. Products: Market Size And Growth, By Type
    11. Products: Average Per Capita Consumption, By Type
    12. Products: Exports And Growth, By Type
    13. Products: Export Prices And Growth, By Type
    14. Production Volume And Growth
    15. Exports And Growth
    16. Export Prices And Growth
    17. Market Size And Growth
    18. Per Capita Consumption
    19. Imports And Growth
    20. Import Prices
    21. Production, In Physical Terms, 2012–2023
    22. Production, In Value Terms, 2012–2023
    23. Imports, In Physical Terms, 2012–2023
    24. Imports, In Value Terms, 2012–2023
    25. Imports, In Physical Terms, By Country, 2023
    26. Imports, In Physical Terms, By Country, 2012–2023
    27. Imports, In Value Terms, By Country, 2012–2023
    28. Import Prices, By Country Of Origin, 2012–2023
    29. Exports, In Physical Terms, 2012–2023
    30. Exports, In Value Terms, 2012–2023
    31. Exports, In Physical Terms, By Country, 2023
    32. Exports, In Physical Terms, By Country, 2012–2023
    33. Exports, In Value Terms, By Country, 2012–2023
    34. Export Prices, By Country Of Destination, 2012–2023

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