Top 5 countries importing steel products from Vietnam in 2024
Steel NewsDate: 24-02-2025 by: Ngoc Cam
In this article, MRS will provide a report on Vietnam's steel products (flat steel, rebar, wire rod) export volumes in 2024, along with opportunities and competitive advantages that international importers can gain from sourcing Vietnamese steel.
In 2024, Vietnam continues to be one of the leading exporters of steel products worldwide, particularly to key markets such as the United States, Italy, Malaysia, Belgium and Mexico. These countries not only import large quantities of Vietnamese steel but also have strategic ports that play a crucial role in distributing steel to international markets. Moreover, the trade defense measures and anti-dumping policies implemented by these countries significantly impact the choice of steel sources.
1. United States
The United States is currently the largest importer of steel products from Vietnam, with a total import volume reaching 937,636 tons in 2024. Major ports in the U.S. such as Houston, Tampa and Los Angeles handle most of this volume, with Houston being the largest port, receiving approximately 310,736 tons.
The U.S. has implemented trade defense measures and anti-dumping duties on steel from various countries. According to reports from the Vietnam Ministry of Industry and Trade, the U.S. has imposed anti-dumping duties on steel imports from China, South Korea, Japan, and other countries since 2018. According to the U.S. Department of Commerce (DOC), the preliminary anti-dumping duties on tinplate steel from China reach up to 122.5%. In contrast, Vietnamese steel is typically subject to much lower anti-dumping duties, often below 10%. This makes Vietnamese steel a cost-effective and competitive option in the U.S. market.
Export data of Vietnamese steel products to the US
2. Italy
Italy ranks as the second-largest importer of steel products from Vietnam, with a total import volume of 832,926 tons in 2024. Key ports in Italy, such as Ravenna and Marghera, handle most of this volume, with Ravenna accounting for approximately 602,393 tons.
Like many other EU countries, Italy does not impose anti-dumping measures on Vietnamese steel due to the EU-Vietnam Free Trade Agreement (EVFTA). However, the EU has applied anti-dumping duties on steel imports from China and South Korea. Specifically, the anti-dumping duties on galvanized steel (GI) from China have ranged from 19.7% to 25% in recent years. Thanks to the EVFTA, Vietnamese steel is exempt from import duties in EU countries, including Italy, providing a significant opportunity for Italian importers to choose Vietnamese steel over higher-taxed steel from other countries.
Export data of Vietnamese steel products to Italy
3. Malaysia
Malaysia ranks third among the countries importing steel products from Vietnam, with a total import volume of 804,324 tons. Major ports in Malaysia, such as Klang and Penang, handle most of this volume.
While Malaysia is a competitive market with suppliers from China and other countries, Vietnam maintains a significant market share thanks to the stable quality and reasonable prices of its steel. Malaysia does not impose stringent anti-dumping duties on Vietnamese steel. However, in recent years, Malaysia has implemented quality checks and anti-dumping measures on steel from China and other countries. The anti-dumping duties on steel from China range from 30% to 45% on certain steel products.
Export data of Vietnamese steel products to Malaysia
4. Belgium
Belgium, with the Antwerp port, is a major destination for Vietnamese steel products in Europe, with a total import volume of 695,595 tons in 2024. The port of Antwerp is not only one of the largest in Europe but also plays a key role as a distribution hub for steel to other European countries. The main types of steel imported include galvanized steel (GI), cold-rolled steel (CRC), and wire rods.
Like Italy, Belgium does not impose specific anti-dumping measures on Vietnamese steel thanks to the EVFTA. This favorable situation allows Vietnamese steel to dominate the Belgian market, with lower tariffs compared to steel from countries like China and South Korea, which face higher anti-dumping duties.
5. Mexico
Mexico ranks fifth in the list of countries importing steel products from Vietnam, with a total import volume of 617,220 tons. Key ports in Mexico include Altamira, Veracruz, and Manzanillo.
Mexico does not apply stringent trade defense measures on Vietnamese steel, making it an attractive option for importers. The absence of high duties on Vietnamese steel, compared to steel from other countries, allows Mexican importers to save on costs. Meanwhile, Mexico has imposed anti-dumping duties ranging from 30% to 45% on hot-rolled steel and steel plates imported from China.
Export data of Vietnamese steel products to Mexico
Choosing Vietnamese steel not only offers benefits in terms of stable quality but also helps reduce costs thanks to milder trade defense measures compared to steel from other countries. Countries like the U.S., Italy, Malaysia, Belgium and Mexico are key markets for Vietnamese steel, and they all have favorable tax and trade mechanisms for Vietnamese steel, allowing international importers to minimize risks and optimize costs. For more information on the Vietnamese steel market and to find quality steel at competitive prices, please contact MRS via WhatsApp: +84 769 112 358 or Email: vanloc@mrssteel.com.vn for the best support.
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