Vietnam: Pig Iron Market 2022

Pig Iron Market Size in Vietnam

After nine years of growth, the Vietnamese pig iron market decreased by -4.6% to $X in 2021. Overall, consumption, however, posted a resilient expansion. Over the period under review, the market hit record highs at $X in 2020, and then contracted in the following year.

Pig Iron Production in Vietnam

In value terms, pig iron production shrank to $X in 2021 estimated in export price. Overall, production, however, saw significant growth. The pace of growth was the most pronounced in 2014 when the production volume increased by 150% against the previous year. Pig iron production peaked at $X in 2020, and then contracted in the following year.

Pig Iron Exports

Exports from Vietnam

In 2021, after four years of decline, there was significant growth in shipments abroad of pig iron and spiegeleisen, when their volume increased by 14% to X tons. Over the period under review, exports enjoyed a tangible expansion. The pace of growth appeared the most rapid in 2016 when exports increased by 114% against the previous year. As a result, the exports reached the peak of X tons. From 2017 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, pig iron exports rose remarkably to $X in 2021. Overall, exports showed a temperate expansion. The growth pace was the most rapid in 2014 with an increase of 123%. As a result, the exports attained the peak of $X. From 2015 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Thailand (X tons) was the main destination for pig iron exports from Vietnam, with a 76% share of total exports. Moreover, pig iron exports to Thailand exceeded the volume sent to the second major destination, China (X tons), eightfold. Malaysia (X tons) ranked third in terms of total exports with a 6.9% share.

From 2012 to 2021, the average annual growth rate of volume to Thailand totaled +14.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+62.6% per year) and Malaysia (+15.6% per year).

In value terms, Thailand ($X) remains the key foreign market for pig iron exports from Vietnam, comprising 48% of total exports. The second position in the ranking was taken by China ($X), with a 22% share of total exports. It was followed by Malaysia, with a 12% share.

From 2012 to 2021, the average annual growth rate of value to Thailand amounted to +5.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+58.9% per year) and Malaysia (+22.1% per year).

Export Prices by Country

The average pig iron export price stood at $X per ton in 2021, declining by -3.3% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.6%. The growth pace was the most rapid in 2017 when the average export price increased by 29% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was Japan ($X per ton), while the average price for exports to Thailand ($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 Cambodia (+27.0%), while the prices for the other major destinations experienced more modest paces of growth.

Pig Iron Imports

Imports into Vietnam

In 2021, approx. X tons of pig iron and spiegeleisen were imported into Vietnam; jumping by 51% against 2020. Overall, imports, however, showed a noticeable curtailment. The most prominent rate of growth was recorded in 2016 with an increase of 172% against the previous year. As a result, imports attained the peak of X tons. From 2017 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, pig iron imports skyrocketed to $X in 2021. In general, imports, however, showed a perceptible setback. The pace of growth appeared the most rapid in 2016 when imports increased by 98%. As a result, imports reached the peak of $X. From 2017 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

Brazil (X tons), China (X tons) and Japan (X tons) were the main suppliers of pig iron imports to Vietnam, together comprising 75% of total imports.

From 2012 to 2021, the biggest increases were in Japan (with a CAGR of +34.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest pig iron suppliers to Vietnam were Japan ($X), Brazil ($X) and China ($X), with a combined 78% share of total imports.

Japan, with a CAGR of +30.3%, recorded the highest rates of growth with regard to the value of imports, in terms of 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 pig iron import price stood at $X per ton in 2021, surging by 5.3% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2018 an increase of 26%. As a result, import price attained the peak level of $X per ton. From 2019 to 2021, the average import prices remained at a somewhat lower figure.

Prices varied noticeably country of origin: the country with the highest price was Japan ($X per ton), while the price for Russia ($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 (+3.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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