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Vietnamese steel export situation in April 2024

Vietnamese steel export situation in April 2024

Steel NewsDate: 05-06-2024 by: Ngoc Cam

In the first 4 months of 2024, global crude steel production reached 625.4 million tons, down 0.9% over the same period in 2023. Of which, Vietnam's crude steel production reached 7.15 million tons, up 19%, exports 903,000 tons, up 74% over the same period in 2023.

In April, Viet Nam exported more than 1.1 million tons of iron and steel of all kinds, +0.9% in volume and +0.04% in turnover, earning 835.14 million USD, average price 752.9 USD/ton. Some key finished steel products include construction steel, HRC, cold rolled steel, galvanized steel, color-coated steel and steel pipes. In addition, mills also promote the production of prime wire rod to replace imports from China and enhance exports to major markets.

Vietnamese iron and steel exports thrive, bolstered by key products
Vietnamese iron and steel exports thrive, bolstered by key products

Vietnamese HRC sales in April reached 491,796 million tons, of which exports reached 145,000 tons, down nearly 50% compared to the same period in 2023. This is the result of the fluctuations in the global HRC market, impacting domestic market conditions. As of mid-May, the average HRC price in Vietnam was 542 USD/ton, down 33 USD/ton compared to March and significantly reduced compared to the beginning of 2023. Currently, Vietnam has 2 large HRC-producing plants: Hoa Phat and Formosa. Despite economic challenges, these mills have maintained stable production and sales, even experiencing growth compared to the same period last year. Specifically, in April 2024, Hoa Phat consumed 252,000 tons of HRC steel, an increase of 5.4% y/y.

In the first 4 months of 2024, Vietnam produced over 9.36 million tons of finished steel products of all kinds, +5.7% y/y. Consumption reached 9.35 million tons, +5.5% y/y, exports reached 2.95 million tons, +28.5% y/y.

The US is still the largest consumer market for Vietnamese iron and steel, reaching 563,990 tons, equivalent to 496.38 million USD, average price 880 USD/ton, +129.3% in volume, +156.6% in turnover and +11.9% in price compared to the same year last year.

Italy ranked second with 595,513 tons, equivalent to $375.92 million USD, average price 631.3 million USD/ton, +23.3% in volume, +7.3% in turnover and -13% in price compared to the first 4 months of 2023. Belgium follows with a 7.6% share of the total volume at 328,782 tons, average price 774.2 USD/ton, +117% in volume, +89.9% in turnover.

US remains top buyer of Vietnamese iron & steel, Italy follows closely
US remains top buyer of Vietnamese iron & steel, Italy follows closely

In general, Vietnamese iron and steel exports to major markets in the first 4 months of the year increased sharply in both volume and turnover compared to the same period in 2023.

Above are some bright spots about the Vietnamese steel export situation in April and the first 4 months of 2024. Hopefully, the sharing from MRS Steel has helped importers better understand the Vietnamese steel market to make the most appropriate purchasing decisions. For any inquiries or consultation needs regarding the import of Vietnamese steel, please contact MRS Steel via Whatsapp: +84 769 112 358 or Email: vanloc@mrssteel.com.vn for 24/7 support.

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