Vietnam: Market for Articles Of Iron Or Steel 2024

Market Size for Articles Of Iron Or Steel in Vietnam

The Vietnamese steel and iron articles market dropped to $X in 2022, waning by -10.4% against the previous year. Overall, consumption, however, saw a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Production of Articles Of Iron Or Steel in Vietnam

In value terms, steel and iron articles production reduced to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2014 when the production volume increased by 34%. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Exports of Articles Of Iron Or Steel

Exports from Vietnam

After five years of growth, shipments abroad of articles of iron or steel decreased by -10.2% to X tons in 2022. In general, exports, however, posted a remarkable increase. The most prominent rate of growth was recorded in 2017 with an increase of 35%. The exports peaked at X tons in 2021, and then reduced in the following year.

In value terms, steel and iron articles exports contracted to $X in 2022. Over the period under review, exports, however, showed a prominent increase. The most prominent rate of growth was recorded in 2014 when exports increased by 81%. Over the period under review, the exports attained the maximum at $X in 2021, and then dropped in the following year.

Exports by Country

The United States (X tons) was the main destination for steel and iron articles exports from Vietnam, with a 39% share of total exports. Moreover, steel and iron articles exports to the United States exceeded the volume sent to the second major destination, Japan (X tons), twofold. The third position in this ranking was taken by South Korea (X tons), with a 14% share.

From 2012 to 2022, the average annual growth rate of volume to the United States stood at +14.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+17.6% per year) and South Korea (+31.7% per year).

In value terms, the largest markets for steel and iron articles exported from Vietnam were the United States ($X), Japan ($X) and Mexico ($X), together comprising 56% of total exports. South Korea, India, Australia, the Netherlands, Sweden, China, Finland and Singapore lagged somewhat behind, together accounting for a further 26%.

In terms of the main countries of destination, India, with a CAGR of +47.2%, saw the highest growth rate of 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

In 2022, the average steel and iron articles export price amounted to $X per ton, reducing by -2.5% against the previous year. Overall, the export price continues to indicate a perceptible descent. The pace of growth was the most pronounced in 2014 when the average export price increased by 48%. As a result, the export price reached the peak level of $X per ton. From 2015 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Mexico ($X per ton), while the average price for exports to South Korea ($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 Singapore (+4.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Articles Of Iron Or Steel

Imports into Vietnam

In 2022, overseas purchases of articles of iron or steel decreased by -13.3% to X tons for the first time since 2016, thus ending a five-year rising trend. Overall, imports, however, showed a strong expansion. The most prominent rate of growth was recorded in 2020 when imports increased by 28% against the previous year. Imports peaked at X tons in 2021, and then dropped in the following year.

In value terms, steel and iron articles imports contracted to $X in 2022. In general, imports, however, recorded a remarkable increase. The pace of growth appeared the most rapid in 2021 with an increase of 35% against the previous year. As a result, imports attained the peak of $X, and then declined in the following year.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of steel and iron articles to Vietnam, with a 60% share of total imports. Moreover, steel and iron articles imports from China exceeded the figures recorded by the second-largest supplier, South Korea (X tons), threefold. Japan (X tons) ranked third in terms of total imports with a 4.2% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to +21.8%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+7.0% per year) and Japan (+13.2% per year).

In value terms, China ($X) constituted the largest supplier of articles of iron or steel to Vietnam, comprising 55% of total imports. The second position in the ranking was held by South Korea ($X), with a 22% share of total imports. It was followed by Japan, with a 5.2% share.

From 2012 to 2022, the average annual growth rate of value from China stood at +26.0%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+14.1% per year) and Japan (+4.8% per year).

Import Prices by Country

The average steel and iron articles import price stood at $X per ton in 2022, therefore, remained relatively stable against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.2%. The pace of growth was the most pronounced in 2016 an increase of 16%. As a result, import price attained the peak level of $X per ton. From 2017 to 2022, the average 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 ($X per ton), while the price for India ($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 (+6.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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