In the second half of the year, steel prices gradually stabilized and edged up slightly, supported by accelerated public investment disbursement and relatively stable input material prices, particularly iron ore and coking coal.

Domestic steel producers proactively adjusted output to limit inventory accumulation. Intense competition in the domestic market made it difficult for steel prices to rise sharply. Meanwhile, steel exports faced numerous trade barriers, constraining price adjustments, although demand from several regional markets remained relatively stable. Transportation and energy costs continued to affect production costs. In addition, domestic market management and trade remedy policies contributed to stabilizing supply and demand.

In December 2025, domestic steel prices remained stable, as most major brands maintained prices unchanged from the previous month. This was mainly due to weak consumption demand, especially in the construction sector, while supply remained ample and input material prices showed limited volatility, enabling enterprises to maintain price levels.

As of December 22, 2025, in the northern region, Hoa Phat CB240 steel coil was priced at VND13,500/kg, unchanged from the previous month, while Viet Y CB240 steel coil stood at VND13,640/kg, also unchanged.

In the central region, Hoa Phat CB240 steel coil was priced at VND13,500/kg, unchanged month on month, while Viet Duc CB240 steel coil declined by VND290/kg to VND13,350/kg.

In the southern region, Hoa Phat CB240 steel coil remained at VND13,500/kg, unchanged from the previous month, while VAS CB240 steel coil increased by VND300/kg to VND13,430/kg.

According to newly released data from the Vietnam Steel Association (VSA), finished steel output in October 2025 reached 2.67 million tonnes, up 2% year on year. This modest growth was mainly driven by a strong increase in hot-rolled coil (HRC) production, following the commissioning of Hoa Phat’s Dung Quat 2 project, which offset declines in construction steel, cold-rolled steel, coated steel sheets, and steel pipes.

Cumulatively in the first 10 months of 2025, total finished steel output exceeded 26.56 million tonnes, up 9% year on year, with HRC and cold-rolled coil (CRC) remaining the leading growth segments.

According to trade statistics of Vietnam Customs, in the first 11 months of 2025, Vietnam imported 14.24 million tonnes of iron and steel, valued at USD9.98 billion. Compared with the same period in 2024, imports declined both in volume (-11.9%) and value (-13.28%). The sharper decline in value than volume indicated a downward trend in import prices. Overall, iron and steel imports contracted in scale, reflecting weaker domestic demand or improved domestic supply capacity.

In November 2025 alone, Vietnam imported 1.51 million tonnes of iron and steel, down 0.4% month on month but up 3.79% year on year. Import value reached USD1.018 billion, up 2.23% from the previous month but down 0.9% year on year. The average import price stood at USD671.02/tonne, up 2.64% month on month but down 4.52% year on year.

China remained the largest supplier, with 8.36 million tonnes valued at approximately USD5.23 billion, accounting for 58.72% of total volume and 52.48% of total value. However, imports from China declined sharply year on year, with volume and value down 24.24% and 24.39%, respectively, indicating reduced dependence on this market.

Indonesia ranked second, supplying 1.17 million tonnes valued at about USD1.36 billion. Imports from Indonesia surged, increasing 56.62% in volume and 18.03% in value year on year, reflecting its growing importance in Vietnam’s steel import structure.

Japan continued to be one of Vietnam’s most important steel suppliers, with 1.99 million tonnes valued at USD1.31 billion. Compared with the previous year, import volume declined by 2.34% while value increased by 3.56%, suggesting higher average import prices. Japan accounted for 13.96% of total volume and 13.08% of total value, supplying mainly high-quality steel products.

Mid-sized markets such as Taiwan (China) and Malaysia also recorded notable changes. Taiwan accounted for about 5.75% of total volume, with a slight increase in volume but a decline in value. Malaysia recorded sharp growth in both volume and value, though its overall share remained modest, indicating a supplementary rather than core role.

Imports from European and American markets such as Germany, France, Sweden, Italy, Belgium, the UK, and the US each accounted for less than 1% of total imports. This shows that Vietnam mainly imports specialized, high-quality steel products from these markets in small volumes but with relatively high value.

Conversely, imports from markets such as India, Singapore, and New Zealand declined sharply, reflecting efforts to reduce imports from distant or high-cost suppliers to save costs and better match actual demand.

Overall, during the first 11 months of 2025, Vietnam’s iron and steel imports declined in scale, while the market structure shifted toward reduced dependence on traditional suppliers, greater diversification of sources, and stronger emphasis on regional partners.

According to trade statistics of Vietnam Customs, in November 2025 Vietnam imported 429,802 tonnes of scrap, down sharply by 23.8% year on year. Major scrap suppliers included Japan (221,842 tonnes, down 12.5%), the US (41,712 tonnes, down 1.5%), and Australia (27,008 tonnes, down 9.6%). However, cumulatively over the first 11 months of 2025, scrap exports from the US and Japan to Vietnam recorded strong growth, up 50.3% and 32.5%, respectively.

Table 1: Imports of Iron and steel products in the first 11 months of 2025
(Calculated based on data released on December 12, 2025 by Vietnam Customs)

According to the VSA, finished steel consumption in October 2025 reached 2.65 million tonnes, down 3% year on year. Construction steel consumption declined 16% year on year and 3% month on month, ending the growth streak seen in previous months.

During the month, construction steel consumption totaled 1.04 million tonnes, down 17% year on year. Cold-rolled steel (CRC) and coated steel products continued to weaken, declining by 18% and 28%, respectively. In contrast, HRC emerged as a bright spot, with consumption surging 74% to 831,879 tonnes in October 2025.

Cumulatively in the first 10 months of 2025, total finished steel sales reached nearly 25.9 million tonnes, up 6% year on year, with HRC remaining the key growth driver at more than 6.74 million tonnes, up 21%.

According to the Vietnam Customs Authority, in the first 11 months of 2025, Vietnam exported 9.22 million tonnes of iron and steel, valued at USD6.08 billion. Compared with the same period of the previous year, export volume fell by 22.52% and export value declined by 28.93%. The average export price stood at USD659.24/tonne, down 8.27% year on year, indicating that export value declined faster than volume due to falling global steel prices and weaker international demand.

In November 2025 alone, Vietnam exported 644,311 tonnes, down 4.86% month on month but up 26.61% year on year. Export value reached USD439.8 million, down 5.29% month on month and 26.32% year on year. The average export price was USD682.72/tonne, down 0.45% month on month and 0.39% year on year.

During the first 11 months of 2025, Cambodia remained Vietnam’s largest steel export market, with 1.35 million tonnes, valued at USD768.4 million, accounting for 14.59% of volume and 12.65% of total export value. Export volume rose 23.79% year on year, while value increased only 14.14%, with the average export price declining 7.79% to USD571.5/tonne. This reflects strong steel demand in Cambodia, mainly for construction and infrastructure development.

India ranked second, importing 880.7 thousand tonnes valued at USD651.7 million, accounting for 9.56% of volume and 10.73% of value. Export volume rose 22.04% year on year, while value increased only 1.6%, but India remained a key export market due to its large size and relatively stable demand.

Italy followed with exports of 969.8 thousand tonnes valued at USD604.7 million, accounting for 10.52% of volume and 9.95% of value. Compared with the previous year, export volume and value declined by over 21%, reflecting weaker demand and lower steel prices in Europe.

The US recorded the sharpest decline among major markets, with exports of 781.6 thousand tonnes valued at USD507.9 million, down 52.52% in volume and 60.81% in value year on year, due to sharply reduced demand and a 17.47% drop in average export prices.

Other key export markets included Indonesia, Taiwan, Belgium, Spain, South Korea, and Australia, each accounting for around 3–6% of total export value, playing an important role in maintaining export volumes, particularly in the Asia–Pacific and European regions.

Some Southeast Asian markets such as Thailand and Laos recorded strong growth, indicating sustained steel demand for construction and infrastructure, though export volumes remained relatively small.

In addition, Vietnam exported steel to various smaller and niche markets such as Japan, Germany, Singapore, China, Russia, Kuwait, Bangladesh, and Pakistan. Although their shares remained limited, these markets helped diversify export destinations and create long-term growth potential. Notably, some markets such as Germany, China, and Kuwait recorded strong year-on-year growth, but from a low base and insufficient to offset sharp declines in major markets.

Overall, during the first 11 months of 2025, Vietnam’s iron and steel exports faced significant challenges, with declines in both volume and value. However, expansion into new markets and continued growth in certain regional markets signal potential recovery prospects, provided that Vietnam continues to improve product quality and international competitiveness.

Table 2: Exports of Iron and Steel Products in the First 11 Months of 2025
(Calculated based on data released on December 12, 2025 by Vietnam Customs)

T.Huong

Source: Vitic