·         62% Fe Iron Ore: Prices of 62% Fe iron ore delivered to China (CFR) remained around USD105–106/tonne, reflecting relative stability after previous volatility. Demand from Chinese steel mills showed slight recovery, supporting prices from falling deeply despite ample global supply. In addition, expectations of Beijing’s economic stimulus measures helped maintain positive market sentiment. However, downward pressure from declining steel output and weak consumption prospects still limited further price gains.

·         Steel Scrap: Import scrap prices into Vietnam were recorded by Fastmarkets at around USD285/tonne CIF (HMS 1&2 80:20). In the domestic market, scrap purchasing prices followed a similar trend, with heavy scrap ranging from VND12,500–28,000/kg and common scrap around VND9,500–22,500/kg, reflecting stable demand but dependent on international price movements.

·         Hot-rolled Coil (HRC): In September 2025, prices increased due to tightened import supply and rising import costs. Specifically, the anti-dumping duty imposed on Chinese-origin HRC since July 2025 sharply curtailed supply from this market—which previously accounted for a significant share—reducing imports and pushing domestic prices up. Speculation about Vietnam possibly expanding its investigation into wide-width HRC further raised buyers’ concerns over import risks. Moreover, the weaker VND raised import costs, forcing enterprises to prioritize domestic purchases despite higher prices. This advantage allowed Formosa Hà Tĩnh to increase HRC prices by USD11–12/tonne for October/November delivery, to USD519–528/tonne CFR Vietnam, after Hòa Phát had already adjusted upwards earlier. Meanwhile, Indonesian and Malaysian offers stood at around USD505/tonne, and Chinese HRC at about USD490/tonne but with tariff risks, prompting domestic buyers to accept higher prices from Vietnamese producers.

·         North: Hòa Phát CB240 coil at VND13,500/kg (+VND180/kg m/m); Việt Ý CB240 coil at VND13,640/kg (+VND510/kg m/m).

·         Central: Hòa Phát CB240 coil at VND13,500/kg (+VND270/kg m/m); Việt Đức CB240 coil at VND13,650/kg (+VND100/kg m/m).

·         South: Hòa Phát CB240 coil at VND13,500/kg (+VND270/kg m/m); VAS CB240 coil at VND13,130/kg (unchanged m/m).

Production:
According to the Vietnam Steel Association (VSA), finished steel output in July reached 2.73 million tonnes, up 8% y/y. Many product groups recorded strong growth, reflecting signs of market recovery.

·         Construction steel: over 1.07 million tonnes (+7% y/y), supported by public investment.

·         HRC: about 653,000 tonnes (+18%).

·         CRC: nearly 349,000 tonnes (+36%), the highest growth.

·         Coated steel: down 15% to about 437,000 tonnes.

·         Steel pipe: nearly 226,000 tonnes (+9% y/y).

Cumulative Jan–Jul 2025: finished steel output exceeded 18.55 million tonnes (+9% y/y). Of which:

·         Construction steel: 7.52 million tonnes (+11%).

·         HRC: 4.45 million tonnes (+12%).

·         CRC: nearly 1.92 million tonnes (+28%).

·         Coated steel: 3.18 million tonnes (–4%).

·         Steel pipe: 1.46 million tonnes (+7%).

Imports:
In the first 8 months of 2025, Vietnam imported over 10.07 million tonnes of steel worth USD7.18 billion, down 6.32% in volume and 9.22% in value y/y. The average import price was USD712.73/tonne, down 3.09% from the previous month. This decline in both volume and value indicated stagnant domestic demand, lower import prices, and firms limiting imports due to high inventories or local competition.
In August 2025 alone, imports reached 1.348 million tonnes (+16.97% m/m, +0.53% y/y), worth USD949.3 million (+11.4% m/m, –6.97% y/y). The average price was USD704.25/tonne (–4.76% m/m, –7.45% y/y).

China remained the top supplier (58.37% of volume, 51.82% of value), but fell sharply (–18.72% in volume, –20.96% in value). Indonesia surged nearly 78% to over 816,000 tonnes, reaching an 8% share. Japan and South Korea grew 14.6% and 34%, together accounting for 26%. Taiwan declined slightly (5.64% share). Malaysia rose over 280%. The US jumped 687% but with only about 2,000 tonnes. Some European and African sources (Italy, South Africa, Finland) rose strongly. Meanwhile, India, Thailand, Singapore, and Hong Kong dropped steeply, reflecting shifts in sourcing strategies.

Table 1: Vietnam’s imports of steel products, Jan–Aug 2025
(Based on Vietnam Customs  data released 12/09/2025)

Vietnam’s steel scrap imports in August 2025:
Steel scrap imports reached over 510,000 tonnes, worth about USD169.5 million. Compared with July (514,000 tonnes, USD164.7 million), volume was almost flat (–0.8%) but value rose 3%, reflecting slightly higher scrap import prices while domestic mills’ demand remained strong.

Domestic consumption:
According to VSA, in July 2025, finished steel sales reached over 2.6 million tonnes (+6% y/y).
Cumulative Jan–Jul 2025: finished steel sales exceeded 18.32 million tonnes (+9% y/y). Of which:

·         Construction steel: over 7.7 million tonnes (+14%).

·         HRC: 4.54 million tonnes (+17%).

·         CRC: over 1.53 million tonnes (+5%).

·         Coated steel: 2.93 million tonnes (–8%).

·         Steel pipe: over 1.6 million tonnes (+14%).

Exports:
In Jan–Aug 2025, Vietnam exported over 7.08 million tonnes of steel worth USD4.66 billion, down 20.29% in volume and 28.04% in value y/y, showing difficulties both in sales volume and prices.

In August 2025 alone, exports were 654,019 tonnes (–17.48% m/m, –52.29% y/y), worth USD432.3 million (–20.86% m/m, –54.07% y/y). Average export price in August was USD661.05/tonne (–4.09% m/m, –3.73% y/y).

·         Cambodia: largest market, over 1 million tonnes (+31.11% volume, +19.31% value), accounting for 14.47% of volume and 12.56% of value.

·         India: second, 661,085 tonnes (+42.87%), 9.33% share.

·         Declines: US (–48.32% volume, –59.86% value), Italy (–26.29% volume, –26.41% value), EU and ASEAN markets mostly weak.

·         Australia: bright spot, 314,000 tonnes (+48.33% volume, +70.31% value).

·         Emerging markets: Russia (+802%), Argentina (+2,240%), Kuwait (+1,478%), though shares remain small.

·         Sharp declines: Hong Kong, Myanmar, Egypt, Pakistan—nearly negligible.

Overall, Vietnam’s steel export market structure in Jan–Aug 2025 showed clear divergence: Cambodia, India, and Australia grew well, while major markets in the US, EU, and ASEAN fell sharply.

📊 Table 2: Exports of Steel Products, Jan–Aug 2025
(Based on VC data released 12/09/2025)

 

T.Huong