Prices of Imported Steel Production Materials
· Iron Ore (62% Fe): The average price of 62% Fe iron ore in January 2025 was $101.9/ton, down 24.6% compared to the same period in 2024 and down 1.6% from the previous month. On February 6, 2025, the price of 62% Fe iron ore was $107/ton CFR at Tianjin Port, China, up $9.4 compared to the beginning of January 2025.
· Coking Coal: The average transaction price in January 2025 was $192/ton, down 3.9% from the previous month and 42.1% from the same period in 2024. On February 6, 2025, PVL coking coal FOB Australia was traded at $187/ton FOB, down $12/ton compared to the beginning of January 2025.
· Steel Scrap: The average trading price of steel scrap at East Asian ports in January 2025 was $341/ton, down 0.3% from December 2024 and down 15.1% from the same period in 2024. On February 6, 2025, steel scrap at East Asian ports traded at $343/ton, up $2/ton from early January 2025.
· Graphite Electrodes: In January 2025, the price of UHP450 graphite electrodes in China remained stable at approximately 14,620-14,650 CNY/ton.
· Hot Rolled Coil (HRC): On February 6, 2025, the HRC price was $481/ton CFR Vietnam, up $1/ton compared to early January 2025 and significantly lower than early 2024. The average HRC price in January 2025 was $474/ton, down 15.9% year-on-year and 2.8% from the previous month.
Construction Steel Prices in Three Regions (as of February 20, 2025):
· North:
Hoa Phat CB240 coil steel: 13,690 VND/kg (unchanged from the previous month).
Viet Y CB240 coil steel: 13,640 VND/kg (unchanged from the previous month).
· Central:
Hoa Phat CB240 coil steel: 13,690 VND/kg (unchanged from the previous month).
Viet Duc CB240 coil steel: 13,940 VND/kg (unchanged from the previous month).
· South:
Hoa Phat CB240 coil steel: 13,690 VND/kg (unchanged from the previous month).
VAS CB240 coil steel: 13,700 VND/kg (unchanged from the previous month).
Production:
According to the Vietnam Steel Association, in January 2025, crude steel production reached 683,226 tons, down 12.1% from the previous month and down 11.1% from January 2024. Finished steel production reached 2.3 million tons, down 7.96% from December 2024 and down 9.2% from the same period in 2024, with declines across all product categories.
Imports: According to the General Department of Customs, in January 2025, Vietnam imported $1.21 billion worth of steel and steel products, down 28.4% ($480 million) from the previous month and 23.3% ($368 million) from January 2024.
Total steel imports: 950,000 tons, worth $691 million, down 36.03% in volume and 34.7% in value year-on-year.
China: 537,000 tons, worth $354 million, down 44.27% year-on-year, accounting for 51.24% of Vietnam’s total steel imports.
Japan: 154,000 tons, worth $101 million, down 13.42% in volume and 7.71% in value year-on-year, accounting for 14.72% of total imports.
Indonesia: 77,000 tons, worth $96 million, down 18.91% in volume and 6.29% in value year-on-year, accounting for 13.91% of total imports.
In general, Vietnam’s steel imports in January 2025 saw a sharp decline in both volume and value compared to December 2024 and January 2024.
Domestic Consumption:
According to the Vietnam Steel Association, in January 2025, finished steel sales reached 2.062 million tons, down 11.25% from December 2024 and 15.2% from January 2024. Notably:
Cold rolled coil (CRC) sales increased by 17.38% month-on-month and 12.1% year-on-year.
Hot rolled coil (HRC) sales increased 9.26% month-on-month.
Other steel products declined.
Exports: According to Vietnam Customs, in January 2025, steel exports reached 920,000 tons, worth $611 million, up 26.5% in volume and 14.7% in value from the previous month. However, compared to January 2024, exports decreased by 20.7% in volume and 25.72% in value.
Top export markets: EU (27 countries): 242,000 tons, worth $176 million (-38.9% in volume, -31.4% in value).
ASEAN: 257,000 tons, worth $154 million (-28.4% in volume, -32.5% in value).
USA: 130,000 tons, worth $75.7 million, up 436.9% from December 2024, but down 6.62% in volume and 33.53% in value year-on-year.
Italy: 81,000 tons, worth $58 million, down 60% in volume and 8.85% in value year-on-year.
Overall, Vietnam’s steel exports in January 2025 increased in volume and value compared to the previous month but declined compared to January 2024.
T.Huong
Source: Vitic