Vietnam: Molybdenum Ore Market 2022

Molybdenum Ore Market Size in Vietnam

The Vietnamese molybdenum ore market declined to $X in 2021, which is down by -9.9% against the previous year. Overall, consumption, however, showed significant growth. Molybdenum ore consumption peaked at $X in 2020, and then fell in the following year.

Molybdenum Ore Production in Vietnam

In value terms, molybdenum ore production expanded rapidly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.7% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2018 with an increase of 16%. Over the period under review, production attained the peak level at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Molybdenum Ore Exports

Exports from Vietnam

In 2021, after three years of decline, there was significant growth in overseas shipments of molybdenum ores, when their volume increased by 59% to X tons. Over the period under review, exports, however, recorded a abrupt decrease. The most prominent rate of growth was recorded in 2013 with an increase of 97%. The exports peaked at X tons in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, molybdenum ore exports soared to $X in 2021. In general, exports, however, continue to indicate a pronounced reduction. The most prominent rate of growth was recorded in 2013 when exports increased by 136%. Over the period under review, the exports attained the maximum at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Japan (X tons) was the main destination for molybdenum ore exports from Vietnam, with a 77% share of total exports. Moreover, molybdenum ore exports to Japan exceeded the volume sent to the second major destination, South Korea (X tons), ninefold. The Netherlands (X tons) ranked third in terms of total exports with a 3.7% share.

From 2012 to 2021, the average annual growth rate of volume to Japan amounted to -5.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (-7.7% per year) and the Netherlands (+0.7% per year).

In value terms, Japan ($X) emerged as the key foreign market for molybdenum ore exports from Vietnam, comprising 82% of total exports. The second position in the ranking was held by South Korea ($X), with a 5.5% share of total exports. It was followed by India, with a 3.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Japan stood at -1.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+4.5% per year) and India (-12.6% per year).

Export Prices by Country

In 2021, the average molybdenum ore export price amounted to $X per ton, growing by 23% against the previous year. Over the period under review, export price indicated a noticeable expansion from 2012 to 2021: its price increased at an average annual rate of +3.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, molybdenum ore export price decreased by -7.9% against 2019 indices. The most prominent rate of growth was recorded in 2018 when the average export price increased by 49% against the previous year. The export price peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Italy ($X per ton), while the average price for exports to the Netherlands ($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 China (+16.0%), while the prices for the other major destinations experienced more modest paces of growth.

Molybdenum Ore Imports

Imports into Vietnam

In 2021, imports of molybdenum ores into Vietnam shrank to X tons, with a decrease of -7.7% compared with the previous year's figure. In general, imports, however, posted buoyant growth. The pace of growth appeared the most rapid in 2016 with an increase of 90%. Imports peaked at X tons in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, molybdenum ore imports amounted to $X in 2021. Over the period under review, imports, however, saw a buoyant expansion. The pace of growth appeared the most rapid in 2018 with an increase of 149%. As a result, imports reached the peak of $X. From 2019 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, South Korea (X tons) constituted the largest molybdenum ore supplier to Vietnam, with a 53% share of total imports. Moreover, molybdenum ore imports from South Korea exceeded the figures recorded by the second-largest supplier, Germany (X tons), fourfold. China (X tons) ranked third in terms of total imports with a 5.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from South Korea stood at +16.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+9.1% per year) and China (+55.9% per year).

In value terms, the largest molybdenum ore suppliers to Vietnam were South Korea ($X), China ($X) and the United States ($X), with a combined 63% share of total imports. These countries were followed by Germany, Thailand, Brazil, Hong Kong SAR, Spain, Belgium, Malaysia, South Africa and Taiwan (Chinese), which together accounted for a further 24%.

Among the main suppliers, Hong Kong SAR, with a CAGR of +45.8%, 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

The average molybdenum ore import price stood at $X per ton in 2021, picking up by 9% against the previous year. Over the period under review, the import price, however, saw a noticeable setback. The pace of growth was the most pronounced in 2018 when the average import price increased by 38%. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

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 ($X per ton), while the price for South Africa ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Brazil (+27.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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