Vietnamese steel export situation in Q1/ 2024
Steel NewsDate: 17-04-2024 by: Ngoc Cam
According to a report from the General Department of Customs, Vietnamese iron and steel exports in March 2024 reached nearly 1.1 million tons with a turnover of more than 834.8 million USD, an increase of 10% in volume and 11.4% in value compared to February 2024. Italy remains Vietnamese largest iron and steel import market with 483 thousand tons, an increase of 80.4% in volume and 64.2% in value compared to the same period in 2023.
Vietnamese iron and steel exports in March 2024 witnessed a notable surge, marking a significant uptick in the industry's performance
Vietnamese steel export situation in March and Q1/ 2024
In the first quarter of 2024, Vietnamese iron and steel exports earned nearly 2.4 billion USD with more than 3.23 million tons, up 42% in volume and 40.1% in value compared to the same period in 2023. The export situation of Vietnamese iron and steel exports of all kinds has prospered since the beginning of the year, showing positive signs for the steel industry in 2024.
Vietnamese iron and steel exports saw a remarkable performance, generating revenue close to 2.4 billion USD
Regarding markets, Italy, the US and Cambodia remain the top 3 largest import markets for Vietnamese steel with a total export value in the first quarter of 299 million USD, 399.6 million USD and 182.8 million USD respectively. Notably, iron and steel exports to some markets grew strongly. Specifically, in March 2024, Singapore imported more than 42,000 tons of Vietnamese steel with a turnover of 23 million USD, an increase of 24,000% in volume and 7,456% in value compared to the same period last year. Vietnam is one of Singapore's key steel import markets to reduce dependence on massive Chinese steel sources.
According to the Vietnam Steel Association (VSA), steel consumption in 2024 is expected to increase by 6.4% to nearly 21.6 million tons. Among them, exports of finished and semi-finished steel products are expected to reach 13 million tons, an increase of 12%. World steel demand is forecast to recover strongly in 2024, reaching 1.79 billion tons, an increase of 1.7%. Therefore, Vietnamese steel production will have many positive signs, expected to increase by about 10% in 2024. Finished steel production in the two years 2024 - 2025 is estimated to reach about 28 - 30 million tons, with consumption demand domestic steel is about 22 - 23 million tons.
Italy, the US, and Cambodia continue to hold their positions as the top 3 largest import markets for Vietnamese steel
MRS Steel as a trusted Vietnamese steel supplier
MRS Steel specializes in providing comprehensive Vietnamese steel import solutions, including consulting, sourcing, purchasing, quality control, delivery support and issue resolution. MRS Steel supplies Vietnamese iron and steel of all kinds to many markets such as the United States, Italy, Belgium, Australia, Malaysia, Indonesia, Singapore,... Over the years, MRS Steel has been famous for providing quality and time-saving solutions to many Vietnamese steel importers worldwide. Our office has a team of experienced experts in the field of iron and steel to provide you with the most optimal advice and solutions for your project. MRS Steel has a wide network of connections with all Vietnamese factories, helping to offer the most diverse and competitive prices and products to customers.
Above is some information about Vietnamese steel export situation in Q1/2024. Hopefully this article has provided you with useful information about the Vietnamese and global steel markets. You can contact MRS Steel via Whatsapp: +84 76 911 2358 and Email: vanloc@mrssteel.com.vn for advice and answers to questions about the Vietnamese steel import process.
