Vietnam Steel Market – May 2025
Friday, May 30,2025
AsemconnectVietnam - Domestic steel prices saw a slight increase in May 2025 due to a strong rebound in domestic demand following the holiday period, driven by a recovery in the real estate sector and accelerated disbursement of public investment, particularly for major infrastructure projects such as the North–South Expressway and Long Thanh Airport.
In addition, raw material supply, especially iron ore, was affected by adverse weather in Australia, disrupting mining operations and raising input costs, which in turn pushed finished steel prices upward. Production in China was also disrupted by an extended holiday period, impacting the supply chain. Consequently, domestic producers adjusted selling prices upward to offset higher costs. The hoarding behavior of construction contractors also contributed to a temporary spike in demand.
Construction Steel Prices by Region (as of May 20, 2025):
- North:
- Hoa Phat CB240 coil: VND 13,790/kg (+VND 240)
- Viet Y CB240 coil: VND 13,890/kg (+VND 310)
- Central:
- Hoa Phat CB240 coil: VND 13,840/kg (+VND 210)
- Viet Duc CB240 coil: VND 14,050/kg (+VND 250)
- South:
- Hoa Phat CB240 coil: VND 13,790/kg (+VND 240)
- VAS CB240 coil: VND 13,740/kg (+VND 360)
Supply
- Production:
In April 2025, Vietnam’s steel market recorded continued growth in production, driven by strong domestic demand from public investment projects. According to the Vietnam Steel Association (VSA), crude steel output in Q1/2025 reached 5.81 million tons (+9.1% YoY), while finished steel output reached 7.464 million tons (+5.7% YoY). The construction steel segment performed especially well, with 3.003 million tons produced (+10.6%) and 3.075 million tons sold (+19.9%). - Imports:
According to Vietnam Customs, in April 2025, Vietnam imported 1.37 million tons of steel (+11.57% MoM) worth over USD962 million (+5.71%). The average import price was USD699.74/ton (–5.25% MoM).
For January–April 2025, total imports reached 5.1 million tons valued at USD3.6 billion, down 4.74% in volume and 7.17% in value year-on-year. The average price stood at USD 704.81/ton (–2.54% YoY).
Although China remained the largest supplier, imports from the country dropped nearly 20% to 2.9 million tons (USD1.8 billion), with the average price at USD630.25/ton—representing 58% of volume and 51.9% of value, but with significantly reduced market share.
Japan ranked second with 836,000 tons (+51.67%) and USD529 million (+30.62%).
Indonesia surged to third place with 446,413 tons (+109.67%), surpassing South Korea and Taiwan.
South Korea: 485,175 tons (+26.69%), USD 397 million (+9.82%).
Taiwan: Down ~10% in volume and ~18% in value.
Indonesia surged to third place with 446,413 tons (+109.67%), surpassing South Korea and Taiwan.
South Korea: 485,175 tons (+26.69%), USD 397 million (+9.82%).
Taiwan: Down ~10% in volume and ~18% in value.
Some non-traditional markets recorded sharp growth:
- South Africa: +554.82% in volume, +357% in value
- Philippines: 12-fold increase in volume, 6-fold in value
- Russia: over 20-fold increase
In contrast, imports from India (–96.72%), the US (–56.15%), Malaysia (–50.13%), and Thailand (–42.38%) dropped significantly, reflecting strategic changes in sourcing.
- Scrap Imports:
Vietnam imported 656,000 tons of steel scrap in April 2025, up 60.8% YoY.
For the first four months of 2025, total scrap imports reached 2 million tons, a 20.9% increase YoY.
Japan remained the top supplier with 343,000 tons (+94.9%), followed by Australia (50,000 tons) and the US (49,000 tons).
Demand
- Domestic Consumption:
Steel consumption continued its upward trend in April 2025, thanks to recovering domestic markets and public investment. According to VSA, in Q1/2025, total finished steel sales reached 7.501 million tonnes (+12.2% YoY). Construction steel led the way with 3.075 million tonnes sold (+19.9%), supported by major infrastructure projects and a public investment disbursement rate of 17.6% in Q1—2.8 percentage points higher than a year earlier. - Exports:
In the first four months of 2025, Vietnam exported 3.84 million tonnes of steel (–11.47% YoY), valued at USD2.49 billion (–22.6%), with an average export price of USD648.79/ton (–12.6%).
In April 2025 alone:- Export volume: 1.09 million tonnes (+8.4% MoM, –1.38% YoY)
- Export value: USD709.98 million (+10.4% MoM, –15% YoY)
- Average price: USD649.02/tonne (–1.91% MoM, –13.8% YoY)
This reflected early signs of recovery in ASEAN, the Middle East, and Latin America. - Top Export Markets (Jan–Apr 2025):
- Cambodia: 494,708 tonnes, USD 282.5 million, USD571.15/ton
(+36.67% in volume, +21.68% in value, –10.97% in price) - USA: 387,884 tons, USD242 million, USD624.05/ton
(–31.23% in volume, –51.23% in value, –29.09% in price) - Italy: 318,401 tons, USD209.9 million, USD659.41/ton
(–46.53% in volume, –44.15% in value, +4.46% in price)
- Cambodia: 494,708 tonnes, USD 282.5 million, USD571.15/ton
Overall, Vietnam’s steel exports in the first four months of 2025 declined both in volume and value compared to the same period last year, reflecting global market difficulties despite some recovery signs in selected regions.
T.Huong
Source: Vitic
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