AsemconnectVietnam - In June 2025, construction steel prices in Vietnam saw a slight decline after some early-month increases. Starting from June 5, major brands such as Hoa Phat, Viet Duc, and Viet Y raised prices for CB240 wire rod to 13,600–13,890 VND/kg and CB300 rebar to 13,350–13,640 VND/kg. However, this trend didn’t last.

By June 17, Hoa Phat raised CB240 prices to 14,040 VND/kg, but prices soon stalled. On June 20, prices dropped slightly across brands: Hoa Phat’s CB240 fell to 13,650 VND/kg and CB300 to 13,790 VND/kg. Viet Duc, Viet Y, and VAS posted similar decreases, with prices ranging from 13,550 to 13,990 VND/kg depending on type. The decline was mainly driven by falling global iron ore prices, weak domestic demand, and ample supply.
HRC import prices also declined to around 511 USD/ton (approx. 13,390 VND/kg), adding downward pressure on local steel prices.
Prices of imported steelmaking inputs
• Iron Ore (62% Fe):
Prices in Vietnam hovered around 94–96 USD/tonne, following global trends. On China's Dalian Commodity Exchange, prices fell slightly from 749.5 to 706 CNY/ton, driven by stagnant steel demand in China amid stable supply. Domestic prices remained relatively unchanged, supporting stable operations at steel companies.
• Coking Coal:
Prices in Vietnam rose slightly to 188–192 USD/tonne, reflecting recovery trends in global markets, particularly from China and Australia. Rising demand from steel plants and increasing shipping costs contributed to higher import prices. Although elevated prices pushed up domestic steel production costs, industry operations remained stable.
• Scrap Steel:
The imported scrap market in Vietnam weakened slightly due to low demand from mills and downward price revisions from suppliers in Japan and the U.S. H2 scrap remained stable at 325 USD/ton CFR, with buyers only willing to pay around 320 USD/ton. Demand was sluggish, especially with the rainy season forecast to reduce construction activity. Sellers faced difficulty as buyers preferred heavier-grade scrap.
• Hot-Rolled Coil (HRC):
Domestic HRC prices fell slightly, ranging from 508–518 USD/ton (CFR HCMC), amid weak demand and intense competition between local producers such as Formosa and Hoa Phat. Import prices from Japan and South Korea dropped to around 500–511 USD/ton, pressuring the domestic market. Stabilizing factors included weakened HRC futures on the Shanghai exchange and China's anti-dumping policies. By the end of June, local prices steadied thanks to production adjustments and inventory control.
• Steel Billets:
Export offers for Vietnamese billets remained stable as sellers prioritized the domestic market amid regional supply shortages. Weak scrap demand also cooled the billet market.
Regional Construction Steel Prices (as of June 20, 2025):
• North:
o Hoa Phat CB240: 13,650 VND/kg (↓140 VND)
o Viet Y CB240: 13,890 VND/kg (unchanged)
• Central:
o Hoa Phat CB240: 13,530 VND/kg (↓310 VND)
o Viet Duc CB240: 14,050 VND/kg (unchanged)
• South:
o Hoa Phat CB240: 13,790 VND/kg (unchanged)
o VAS CB240: 13,740 VND/kg (unchanged)
Production:
In May 2025, construction steel output remained stable or slightly increased. Hoa Phat’s northern plants alone produced 541,000 tons. Other producers like VGS, TISCO, V.UC, KSVC, and VIS maintained or slightly raised output levels.
Imports:
According to the General Department of Customs, Vietnam imported over 6.4 million tons of steel worth more than 4.54 billion USD in the first five months of 2025, down 7.42% in volume and 9.38% in value year-on-year. The decline reflected weakened domestic demand, high inventories, and falling global steel prices.
In May 2025 alone, Vietnam imported 1.29 million tons of steel, down 6.17% month-on-month and 16.55% year-on-year. The import value reached 939.8 million USD, down 2.39% and 16.83%, respectively. The average import price rose 4.02% from April to 727.9 USD/ton, though down 0.33% year-on-year.
• Top Supplier: China (Mainland) – 57.31% of volume and 51.09% of value, though imports from China dropped by 23.05% in volume and 24.05% in value YoY.
• Surging Markets:
o Indonesia (+117.61% volume, +15.49% value)
o Japan (+40.1% volume, +21.94% value)
o South Korea (close to 10% market share)
o Russia (+2,104% volume, +306.9% value – from a low base)
Trend: Vietnam is reducing dependence on China and increasing imports from other Asian markets like Japan, Korea, and Indonesia. Diversifying supply is essential to minimize risk and optimize costs amid global steel market volatility. Companies should assess quality, supply stability, and logistics costs, especially from fast-growing suppliers like Indonesia, Australia, and Russia.
Domestic Consumption:
According to Vnsteel, finished steel consumption in May 2025 decreased slightly month-on-month but rose 13.7% year-on-year. In the first five months of 2025, Vnsteel sold over 1.76 million tons of finished steel, up 23.7% YoY.
Exports:
In the first five months of 2025, Vietnam’s steel exports dropped significantly in both volume and value. Customs data shows 4.73 million tonnes exported, worth 3.09 billion USD — down 14.09% and 23.15% respectively YoY. Average export price was 653.27 USD/tonne, down 10.99% YoY.
• May 2025 alone:
o Exports: 892,643 tonnes (↓18.4% MoM, ↓20.15% YoY)
o Export value: 600 million USD (↓15.48% MoM, ↓24.74% YoY)
o Average price: 672.26 USD/tonne (↑3.58% MoM, ↓5.74% YoY)
• Top Export Markets:
o Cambodia: 633,000+ tonnes (13.39% share), still the largest market despite a slight decline.
o USA: ~495,000 tonnes, over 8% of export value, with high unit prices.
o Italy, India, Indonesia, Malaysia, Belgium, Taiwan, South Korea: over 200,000 tons each, though most recorded sharp declines due to competition and trade barriers.
• Standout Growth:
o China: +269% in volume, +206% in value
o Thailand, Spain: Double-digit growth
o Germany: +2,332% in volume (from a low base)
• Major Declines:
o Philippines, Hong Kong, UK, Brazil – all saw declines over 50%, some even 80%, reflecting trade policy shifts and competition.
Regional Trend: Southeast Asia remains the core market, followed by Europe and the U.S. High-value markets like the U.S. show potential despite strict standards. Emerging markets like Bangladesh, Myanmar, and Russia are worth monitoring for future expansion.
Outlook
Steel prices are expected to continue a slight upward trend, ranging from 13.8 to 14.5 million VND/tonne depending on the product. Strong domestic demand, driven by public investment and recovering real estate activity, supports this trend. Major companies such as Hoa Phat and Hoa Sen anticipate stable profit margins thanks to firm selling prices and stable raw material costs.
The HRC segment benefits from anti-dumping duties and steady local supply. However, export growth is expected to be limited due to trade barriers from the EU and U.S., though domestic prices may remain unaffected. July marks peak construction season, helping sustain strong steel consumption. While competitive pressure from China has eased slightly, companies should stay cautious about international market fluctuations.
T.Huong
Source: Vitic