Vietnam: Tungsten Market 2024

Tungsten Market Size in Vietnam

The Vietnamese tungsten market soared to $X in 2022, with an increase of 165% against the previous year. Overall, consumption, however, recorded a deep reduction. Over the period under review, the market attained the maximum level at $X in 2015; however, from 2016 to 2022, consumption remained at a lower figure.

Tungsten Production in Vietnam

In value terms, tungsten production rose markedly to $X in 2022 estimated in export price. In general, production enjoyed measured growth. The pace of growth appeared the most rapid in 2020 when the production volume increased by 75% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a somewhat lower figure.

Tungsten Exports

Exports from Vietnam

In 2022, shipments abroad of tungsten decreased by -6% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, exports, however, saw a remarkable increase. The pace of growth was the most pronounced in 2014 with an increase of 278% against the previous year. The exports peaked at X tons in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, tungsten exports skyrocketed to $X in 2022. In general, exports, however, posted a significant increase. The growth pace was the most rapid in 2014 when exports increased by 265% against the previous year. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

Exports by Country

The Netherlands (X tons), the United States (X tons) and Japan (X tons) were the main destinations of tungsten exports from Vietnam, with a combined 81% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Japan (with a CAGR of +34.2%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for tungsten exported from Vietnam were the Netherlands ($X), Hong Kong SAR ($X) and the United States ($X), with a combined 77% share of total exports. Japan, Germany, the UK and India lagged somewhat behind, together comprising a further 23%.

In terms of the main countries of destination, Japan, with a CAGR of +46.2%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average tungsten export price stood at $X per ton in 2022, surging by 27% against the previous year. Over the period under review, the export price posted a buoyant expansion. The growth pace was the most rapid in 2016 when the average export price increased by 92%. Over the period under review, the average export prices hit record highs at $X per ton in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to the UK ($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 Hong Kong SAR (+23.4%), while the prices for the other major destinations experienced more modest paces of growth.

Tungsten Imports

Imports into Vietnam

In 2022, approx. X tons of tungsten were imported into Vietnam; which is down by -22.7% compared with the previous year. In general, imports recorded a abrupt shrinkage. The most prominent rate of growth was recorded in 2021 when imports increased by 83%. Imports peaked at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, tungsten imports shrank sharply to $X in 2022. Overall, imports continue to indicate a abrupt descent. The growth pace was the most rapid in 2021 with an increase of 86%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

The United States (X tons), China (X tons) and Taiwan (Chinese) (X kg) were the main suppliers of tungsten imports to Vietnam, together comprising 93% of total imports. Singapore, Switzerland, Japan and South Korea lagged somewhat behind, together accounting for a further 5.5%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Singapore (with a CAGR of +43.5%), while imports for the other leaders experienced mixed trend patterns.

In value terms, China ($X), the United States ($X) and Taiwan (Chinese) ($X) were the largest tungsten suppliers to Vietnam, with a combined 91% share of total imports. Switzerland, Singapore, South Korea and Japan lagged somewhat behind, together accounting for a further 6.9%.

In terms of the main suppliers, Switzerland, with a CAGR of +35.7%, 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

In 2022, the average tungsten import price amounted to $X per ton, stabilizing at the previous year. In general, the import price showed a deep downturn. The most prominent rate of growth was recorded in 2017 an increase of 26%. The import price peaked at $X per ton in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

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 ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+28.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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