Stable input material costs, such as iron ore and coking coal, also helped limit cost pressures. Demand from construction and public investment showed no major surge, keeping steel consumption moderate. Furthermore, fierce competition in the market encouraged enterprises to stabilize prices to maintain sales volume and market share.

Construction steel prices across three regions (as of October 20, 2025):

·         Northern region: CB240 coil (Hoa Phat) at VND13,500/kg, unchanged from September; CB240 coil (Viet Y) at VND13,640/kg, also unchanged.

·         Central region: CB240 coil (Hoa Phat) at VND13,500/kg; CB240 coil (Viet Duc) at VND13,650/kg, both stable month-on-month.

·         Southern region: CB240 coil (Hoa Phat) at VND13,500/kg; CB240 coil (VAS) at VND13,130/kg, both unchanged.

 

Iron ore (62% Fe):In October 2025, the import price of 62% Fe iron ore to Vietnam hovered around USD105/tonne (CFR China), remaining almost unchanged from the end of September. Global supply stayed ample while steelmaking demand across Asia, including Vietnam, showed no strong growth, keeping the market steady. However, logistics and freight costs remained high, causing import prices to edge up slightly compared to the beginning of the quarter. Domestic steelmakers maintained stable import volumes to ensure continuous production.

Scrap steel:During October 2025, domestic scrap prices were generally stable, with only a slight increase in some categories such as steel and copper. Special steel scrap ranged between VND12,500 – 28,000/kg, wire rod scrap at VND18,000 – 26,500/kg, while copper scrap rose to VND275,000 – 388,000/kg due to tight supply. Inox and aluminum scrap prices remained stable.
Meanwhile, imported scrap prices from Japan and the United States rose slightly amid improved billet demand across Asia. However, Vietnam’s scrap imports stayed moderate as steel mills prioritized domestic sources to save costs.

Hot-rolled coil (HRC):In October 2025, domestic HRC prices in Vietnam remained steady at around VND13.8 – 14.2 million/tonne, little changed from September. Import prices from China and India ranged between USD495 – 510/tonne CIF, up by USD5 – 10/tonne due to higher freight rates and recovering regional demand. Import volumes of HRC declined slightly year-on-year as many enterprises turned to domestic supplies to reduce expenses.

Production:Vietnam’s steel output in September 2025 recorded strong growth, driven by the recovery of domestic demand in infrastructure and real estate, along with higher consumption in civil construction. The uptrend was supported by rising domestic steel prices, partly due to anti-dumping measures against imported steel and higher raw material costs. As a result, Vietnam’s steel industry posted significant profit growth in Q3/2025, with leading producers such as Hoa Phat achieving high sales volumes.

Imports:According to the General Department of Vietnam Customs, in the first nine months of 2025, Vietnam imported 11.21 million tonnes of steel worth USD7.98 billion, down 8.85% in volume and 11.07% in value year-on-year. The average import price reached USD711.77/tonne, down 2.43%, reflecting a sluggish domestic market and weaker global steel prices.

In September 2025, imports totaled 1.141 million tonnes, down 15.31% from August and 26.21% year-on-year, with a value of USD804.1 million. The average price was USD704.38/tonne, almost unchanged month-on-month.

China remained the dominant supplier, providing 6.47 million tonnes (57.69% of total volume and 51.35% of value), though down over 22% in volume and 23.55% in value year-on-year, signaling Vietnam’s gradual reduction in dependency on Chinese steel.
Indonesia ranked second with 961,000 tonnes, up 83.33%, valued at USD1.14 billion (+30.77%). Japan followed with 1.69 million tonnes (+10.79%), worth USD1.10 billion (+1.95%), thanks to its consistently high-quality products.
South Korea supplied 1.18 million tonnes (+29.36%), showing closer industrial cooperation between the two countries.
Malaysia also showed remarkable growth (+449.69%), though still with a small market share. Meanwhile, European suppliers such as Italy, Finland, and Germany posted notable increases, reflecting Vietnam’s effort to diversify import sources.
In contrast, imports from India, Singapore, Austria, the US, and Mexico dropped sharply (some by up to 90%) due to high prices, elevated shipping costs, or trade policy adjustments.

Overall, Vietnam’s steel import structure in 2025 showed positive changes, with diversification toward ASEAN and Europe, while maintaining partnerships with major suppliers such as China, Japan, and South Korea.

Scrap imports:Vietnam’s scrap imports rose sharply in September 2025. According to Customs data, the country imported 527,881 tonnes of scrap, up 3.5% year-on-year. For the first nine months of 2025, total scrap imports reached 4.59 million tonnes, an increase of 29.7% over the same period in 2024.
Japan remained the largest supplier, with 302,611 tonnes in September (+86.3%) and 2.45 million tonnes for the first nine months (+35.3%).
In contrast, Australia supplied only 2,266 tonnes (–92.9%), while imports from the US reached 69,737 tonnes, up 79.8%. Hong Kong’s shipments fell 27.2% to 25,519 tonnes.

Domestic consumption:According to Vietnam Steel Corporation (Vnsteel), total finished steel consumption in the first nine months of 2025 reached over 3 million tonnes, up 15.7% year-on-year. This indicates a positive recovery in production and business operations amid persistent global uncertainties.
In September alone, Vnsteel’s sales continued to rise steadily, driven by proactive production, cost optimization, and an expanded distribution network, particularly in regions with higher construction demand.

Exports:Vietnam exported 7.9 million tonnes of steel worth USD5.17 billion in the first nine months of 2025, down 20.6% in volume and 28.27% in value from the same period in 2024. This slowdown followed strong growth in the previous year.

In September 2025, exports reached 773,495 tonnes (+18.27% MoM, –28.79% YoY), with a value of USD496.9 million (+14.94% MoM, –33.48% YoY). The average export price was USD647.47/tonne, down 2.81% from August and 6.59% year-on-year.

Cambodia remained the largest export destination with 1.13 million tonnes worth USD644.07 million (+29.69% in volume, +18.65% in value), accounting for 12.45% of total export revenue. Italy and India ranked second and third, valued at USD519.68 million and USD510.87 million, respectively, though both declined by 9–19%.
Exports to the US, Malaysia, Belgium, and Taiwan (China) remained stable but fell sharply year-on-year (–24% to –60%). Traditional markets such as Indonesia, Spain, Brazil, Japan, and the Philippines also posted major declines (–35% to –58%), reflecting weaker demand in Asia and Europe.
Some bright spots included Thailand (+101.83%), Laos (+76.64%), Australia, and Egypt (both above +55%), showing efforts to expand beyond Asia.

Despite the overall decline, Vietnam maintained its position in Southeast Asia thanks to growth in neighboring markets like Cambodia, Thailand, and Laos. The sharp contraction in major markets such as the US, EU, and Japan mainly stemmed from falling global prices, rising freight costs, and stronger trade protectionism. Export destinations are clearly shifting toward Asia–Oceania, helping Vietnam sustain output and export stability in the coming period.