Vietnam: Iron Ore Market 2024

Iron Ore Market Size in Vietnam

After six years of growth, the Vietnamese iron ore market decreased by X% to $X in 2022. Over the period under review, consumption, however, enjoyed a significant increase. Iron ore consumption peaked at $X in 2021, and then dropped sharply in the following year.

Iron Ore Production in Vietnam

In value terms, iron ore production rose remarkably to $X in 2022 estimated in export price. Over the period under review, production posted a remarkable increase. The most prominent rate of growth was recorded in 2017 with an increase of X%. Iron ore production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

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Iron Ore Exports

Exports from Vietnam

For the third consecutive year, Vietnam recorded decline in shipments abroad of iron ores and concentrates, which decreased by X% to X tons in 2022. Over the period under review, exports recorded a abrupt decline. The pace of growth was the most pronounced in 2013 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, iron ore exports reduced dramatically to $X in 2022. In general, exports recorded a deep contraction. The pace of growth appeared the most rapid in 2013 with an increase of X%. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for iron ore exports from Vietnam, with a X% share of total exports. Moreover, iron ore exports to China exceeded the volume sent to the second major destination, Japan (X tons), fivefold. The third position in this ranking was taken by South Korea (X tons), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (X% per year) and South Korea (X% per year).

In value terms, China ($X) remains the key foreign market for iron ores and concentrates exports from Vietnam, comprising X% of total exports. The second position in the ranking was held by Japan ($X), with a X% share of total exports. It was followed by South Korea, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to China stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (X% per year) and South Korea (X% per year).

Export Prices by Country

The average iron ore export price stood at $X per ton in 2022, falling by X% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of X% against the previous year. As a result, the export price attained the peak level of $X per ton, and then shrank rapidly in the following year.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the highest price was recorded for prices to China ($X per ton) and Japan ($X per ton), while the average price for exports to South Korea ($X per ton) and Belgium ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Japan (X%), while the prices for the other major destinations experienced more modest paces of growth.

Iron Ore Imports

Imports into Vietnam

In 2022, after seven years of growth, there was significant decline in supplies from abroad of iron ores and concentrates, when their volume decreased by X% to X tons. Over the period under review, imports, however, saw a significant expansion. The most prominent rate of growth was recorded in 2016 when imports increased by X% against the previous year. Imports peaked at X tons in 2021, and then declined markedly in the following year.

In value terms, iron ore imports shrank rapidly to $X in 2022. In general, imports, however, saw a significant expansion. The most prominent rate of growth was recorded in 2016 when imports increased by X%. Over the period under review, imports attained the maximum at $X in 2021, and then reduced dramatically in the following year.

Imports by Country

Australia (X tons), Brazil (X tons) and Ukraine (X tons) were the main suppliers of iron ore imports to Vietnam, together comprising X% of total imports. China, Lao People's Democratic Republic and Turkey lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Australia ($X), Brazil ($X) and Ukraine ($X) constituted the largest iron ore suppliers to Vietnam, together comprising X% of total imports. China, Lao People's Democratic Republic and Turkey lagged somewhat behind, together comprising a further X%.

China, with a CAGR of X%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average iron ore import price amounted to $X per ton, dropping by X% against the previous year. Over the period under review, the import price, however, showed a modest expansion. The pace of growth appeared the most rapid in 2021 when the average import price increased by X% against the previous year. As a result, import price reached the peak level of $X per ton, and then contracted significantly in the following year.

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 Ukraine ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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