Vietnamese steel import and export situation in December 2023
Steel NewsDate: 19-01-2024 by: Ngoc Cam
According to data from the General Department of Customs, iron and steel exports of all kinds in December 2023 increased sharply, reaching more than 1.08 million tons with a value of 707 million USD, an increase of 18.12% in volume and 13.81% in value compared to November 2023; increase 34.4% in volume and 27.7% in value compared to the same period in 2022.
According to the Vietnam Steel Association (VSA), in December, construction steel and high-quality steel of all types recorded the highest consumption in the past 20 months. Exports of iron and steel of all kinds in December 2023 also increased sharply, reaching more than 1.08 million tons with a value of 707 million USD. For the whole year 2023, iron and steel exports of all kinds reached nearly 11.13 million tons with a value of 8.35 billion USD, +32.6% in volume and +4.5% in value compared to 2022.
In December 2023, the top 10 largest import markets for Vietnamese flat steel were the United States accounting for 14.95%, Italy at 12.4%, Cambodia at 8.7%, Mexico at 7.8%, Malaysia at 6.3%, Indonesia at 5.2%, Colakoglu at 5%, Belgium at 4.9%, India at 4.9% and Spain at 4.1%.
Conversely, Vietnam's imports of iron and steel in December 2023 reached 1.17 million tons with a value of 741 million USD, -22.1% in volume and -18.3% in value compared to the previous month; +22.7% in volume and +6.7% in value over the same period in 2022. For the whole year 2023, imports of iron and steel of all kinds will reach 13.3 million tons with a value of 10.43 billion USD, +14.1% in volume but -12.6% in value compared to 2022.
One of the businesses with the most positive business results in December 2023 was Hoa Phat Group. HPG produced 648,000 tons of crude steel, an increase of 4% compared to November 2023. The consumption of hot rolled steel coils, construction steel and steel billets reached 760,000 tons, an increase of 7% compared to November and the highest in 2023.
For export markets, Hoa Phat exported 113,000 tons of construction steel and high-quality steel to make wire rods and welding rod cores. Main export markets were Canada, Korea, Japan, Singapore, Australia, Sri Lanka,...
In addition to high-quality steel, Hoa Phat also exported 103,000 tons of HRC in December 2023. HPG is the group with the largest crude steel capacity in Vietnam and Southeast Asia with 8.5 million tons/year, leading in construction steel market share and among the top 5 largest Vietnamese galvanized steel manufacturers.
Entering 2024, Vietnam's steel industry is also recording many positive signs of recovery as both production and consumption show signs of strong growth. For the export market, recovering demand in the EU and US has a positive impact on export output and price of galvanized steel. Export steel prices are expected to increase by 9% in 2024.
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