[Market Research]Detail of Vietnam’s import and export of iron and steel in 2020

The Vietnam economy is developing and the living standards of the people are rising, and the demand for steel in industries such as construction, shipbuilding industry, automobiles and home appliances is also increasing. The rapid growth of steel demand has attracted many steel firms to build new steel manufacturers with high capacity in Vietnam.

1.Import

In recent years, Vietnam’s steel industry has been evaluated as rapid and outstanding growth. Domestic steel factories such as VSteel, Hoa Phat steel, Hoa Sen, Tisco, … are supplying enough for the domestic market and also exporting some products to Southeast Asia. and big market like USA and Canada.

Land for Steel development of Vietnam in the coming years is still very large, because provinces in the country are still cherishing investment projects in construction and real estate, this is a good sign for domestic steel manufacturing enterprises and also a good prey for foreign businesses to export iron and steel to Vietnam.


In addition, the reason for the large volume of steel imported from steel is that the value chain of the domestic steel industry has not been completed, so it only supplies enough for construction steel, steel pipe, and box steel. Vietnam’s steel industry is still growing and the homemade steel cannot meet the needs of the domestic market.

According to data from the General Department of Customs, the amount of iron and steel imported to Vietnam in 2020 reached nearly 13.26 million tons, equivalent to nearly $ 8.1 billion; average price 608.4 USD / ton. Compared to 2019, it decreases in both volume, turnover and price by 8.9%, 15.2% and 6.9%, respectively.

Top 10 markets in Vietnam importing iron and steel with the highest price in 2020 show that most of iron and steel are imported from European countries. The highest is from France 7,702 USD / ton, nearly 13 times the average import price. Followed by iron and steel from Austria, Sweden, Denmark, Finland, Germany …

In terms of turnover, China ranked first when accounting for more than 28% of the total volume and accounting for 30% of the total import turnover of iron and steel of the country; reached over 3.8 million tons; worth over $ 2.4 billion; average price 647.3 USD / ton. Compared to 2019, a decrease of over 26% in both volume and turnover but a slight increase of 1% in price compared to 2019.

Japan ranked second with 2.45 million tons; equivalent to $ 1.4 billion; price 570 USD / ton. Compared to 2019, an increase of 17% in volume; 7% increase in turnover but down 12% in price; and accounts for 18% of the total volume and total import turnover of iron and steel of the country.

Import of iron and steel from the Korean market reached 1.78 million tons; equivalent to 1.3 billion USD, price is 720.9 USD / ton; accounting for more than 13% of the total imported iron and steel of the country and accounting for 16% of the total turnover. Compared to 2019, an increase of 0.4% in volume, but a 9% decrease in turnover and a 10% decrease in price.

Import of iron and steel of Vietnam in the past year reduced most of the market. Fall as much as from Brazil down more than 90% in both volume and surprise.

Statistics on the import and export of iron and steel in 2020 show that the amount of imported iron and steel is 1.3 times higher than the export volume; import turnover is 1.5 times higher than exports; At the same time the import price is 14% higher than the export price.

Please see and download file : Vietnam’s import and export of iron and steel in 2020

2.Export

Up to now, the main export markets of Vietnam’s steel are ASEAN and some other traditional markets.

According to the General Department of Customs, in 2020, the whole country will export 9.86 million tons of iron and steel, worth nearly 5.26 billion USD, the average price of 533.4 USD / ton. Compared to 2019, a sharp increase of 48% in volume, an increase of 25% in turnover, but a decrease of 15.5% in price

Top 10 markets that Vietnam exports the most iron and steel in 2020 recorded the most exports to China, accounting for 36% of the total volume and accounting for 28% of the country’s total iron and steel export turnover in 2020, reaching 3, 54 million tons, worth 1.48 billion USD, average price of 419 USD / ton. Compared to 2019, both volume and turnover increased sharply by 717% and 670%, respectively.

Source: Vietnam Customs

Cambodia ranked second when accounting for nearly 16% of the total volume and turnover; reached 1.56 million tons, worth 839.7 million USD, average price 537 USD / ton; down 8% in volume, 15% in turnover and 8% in price.

Third is Thailand with 675,482 tons, worth 390.51 million USD, average price 578 USD / ton; accounting for 7% of total volume and total turnover; increased strongly by 82% in volume and 73% in turnover.

In general, iron and steel exports to most markets increased, in which, China increased sharply by 717% in volume and 670% in turnover; Kiwait increased 260% volume, 277% turnover; Brazil increased 211% in volume, 159% of turnover; Thailand; Philippines increased 95% of volume, 81% of turnover.

In contrast, iron and steel exports decreased significantly in some markets such as the US decreased by 50% in volume, 45% in turnover; Japan decreased by 40% in volume, 36% in turnover; Turkey decreased 37% in volume and 28% of turnover.

Please see and download file : Vietnam’s import and export of iron and steel in 2020

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