AsemconnectVietnam - Vietnam’s steel prices remained broadly stable in February 2026 as domestic supply and demand stayed largely balanced following the Lunar New Year holiday, while input material costs showed limited volatility, market participants said.

Post-holiday construction activity and public investment disbursement had not yet accelerated significantly, preventing any meaningful surge in steel demand. Meanwhile, supply from domestic mills remained ample, easing upward price pressure. In a highly competitive environment, steel producers actively maintained price levels to test market conditions and defend market share, keeping domestic steel prices largely unchanged during the month.
Raw material prices: Limited fluctuations
Imported input material prices showed relative stability in February, contributing to steady production costs.
· Iron ore (62% Fe) traded in a range of $99–102 per metric ton during the month, reflecting a relatively stable market without a strong upward trend.
· Steel scrap imported into Vietnam was quoted at $320–340 per ton on a CFR basis (delivered to Vietnamese ports). H2 scrap was offered around $325–330 per ton, while HMS 80:20 was priced near $340 per ton. Prices were broadly stable or edged slightly lower, as mill purchasing demand remained subdued and inventories were still relatively high following the holiday period.
· Hot-rolled coil (HRC) SAE1006 (skin-passed) produced by Formosa Ha Tinh Steel Corporation was offered at $505–515 per ton CIF Ho Chi Minh City port. The level was slightly higher than in January, reflecting adjustments in input costs and import price movements.
Construction steel prices by region
As of Feb. 23, 2026, domestic construction steel prices were unchanged month-on-month across all three regions.
In northern provinces, CB240 rebar produced by Hoa Phat Group was priced at 14,010 dong per kg, unchanged from the previous month. CB240 rebar from Viet Y Steel was quoted at 13,940 dong per kg, also steady.
In central provinces, Hoa Phat’s CB240 rebar stood at 13,800 dong per kg, unchanged month-on-month. CB240 rebar from Viet Duc Steel was priced at 14,250 dong per kg, also stable.
In the south, Hoa Phat’s CB240 rebar remained at 14,010 dong per kg. CB240 rebar produced by VAS was quoted at 13,740 dong per kg, unchanged compared with January.
Overall, the domestic steel market continued to move sideways in February, supported by stable input costs and cautious buying sentiment.
Supply conditions
According to the Vietnam Steel Association (VSA), Vietnam’s crude steel production in 2025 reached 24.7 million tonnes, the highest level in five years. The figure surpassed the previous peak recorded in 2020 and rose 12% year-on-year, underscoring the sector’s production expansion and recovery momentum.
Total steel consumption in 2025 reached 24.1 million tonnes, up 12.9% compared with 2024, reflecting improving domestic demand conditions over the year.
Steel imports: January 2026
Based on calculations from data released by the Vietnam Customs Department on Feb. 14, 2026, Vietnam imported 1.52 million tons of steel products in January, valued at $1.03 billion.
Compared with December 2025, import volume declined 16.36% and value fell 14.79%. However, compared with January 2025, imports surged 59.99% in volume and 49.42% in value, indicating a marked recovery in domestic demand relative to the same period last year.
Major suppliers
Mainland China remained the largest supplier, accounting for 695,365 tons valued at $445.76 million. The country represented 45.74% of total import volume and 43.15% of total import value.
Although imports from China fell 18.34% in volume and 19.56% in value compared with December, they were still up 29.38% in volume and 25.84% in value year-on-year, reaffirming China’s dominant role in Vietnam’s steel import structure.
Indonesia ranked second with 260,111 tons valued at $217.86 million, accounting for over 17% of total volume and around 21% of total value. Imports from Indonesia jumped 235.8% in volume and 126.53% in value compared with January 2025, though they declined month-on-month.
South Korea and Japan ranked third and fourth, respectively. South Korea supplied 176,752 tons valued at $124 million, accounting for 11.63% of total volume and posting a 71.04% year-on-year increase. Japan exported 148,128 tons worth $100.35 million to Vietnam, holding nearly 10% market share but recording a slight year-on-year decline.
Imports from India and Malaysia recorded exceptionally strong growth. India supplied 87,356 tons, surging 9,715.28% year-on-year, while Malaysia exported 56,776 tons, up 3,820.99%. The data suggested Vietnam was diversifying its steel supply sources amid evolving market dynamics.
European suppliers including Germany, France, Sweden, Netherlands, Belgium, Spain and Italy each accounted for less than 1% of total import value, though several recorded positive year-on-year growth, reflecting sustained demand for certain high-quality steel products.
In contrast, imports from the United States, Australia, Brazil and Finland declined sharply compared with December and represented only marginal shares of total imports.
Overall, January import activity remained concentrated in Asia, particularly China and ASEAN countries. While imports moderated month-on-month, strong year-on-year growth reflected domestic demand recovery and a broader diversification of supply sources.
Steel exports: January 2026
In January 2026, Vietnam exported 1.084 million tonnes of steel products worth $650.28 million.
Compared with December 2025, export volume rose 28.37% and value increased 18.7%. Compared with January 2025, exports grew 17.88% in volume and 6.42% in value.
The average export price stood at $559.71 per tonnes, down 7.53% month-on-month and 9.72% year-on-year, indicating that price pressure persisted despite rising shipment volumes.
Key export markets
The United States remained Vietnam’s largest export destination, importing 204,946 tonnes worth $104.2 million, accounting for 18.9% of total export volume and 16.02% of total export value. Shipments to the U.S. surged compared with December, reflecting stronger import demand or the execution of large orders.
India ranked second with 62,446 tonnes valued at $69.33 million, accounting for 5.76% of volume but 10.66% of export value, suggesting a higher average export price. Exports to India rose 54.04% in volume month-on-month and surged 572.55% year-on-year.
Cambodia followed with 118,601 tons worth $65.6 million, accounting for 10.94% of volume and 10.09% of value. Shipments to Cambodia rose modestly month-on-month and increased nearly 30% year-on-year, reflecting stable and expanding demand.
ASEAN markets continued to play an important role. Exports to Thailand rose 499.25% in volume year-on-year, while shipments to the Philippines jumped 967.61%, indicating either strong demand recovery or a low comparison base.
By contrast, exports to Indonesia fell 7.27% year-on-year and declined month-on-month, reflecting softer import demand.
Shipments to Turkey, Myanmar and Russia recorded sharp percentage gains but from relatively low bases. Meanwhile, exports to Singapore, the United Kingdom and Australia declined significantly.
Market outlook
Overall, Vietnam’s steel market in February 2026 remained stable, supported by balanced supply-demand conditions and steady raw material costs. While domestic prices held firm, trade data for January indicated that export volumes were rising but average prices remained under pressure.
Industry participants said that price direction in the coming months would depend largely on the pace of domestic construction recovery, public investment disbursement, and global steel market conditions.
T.Huong
Source: Vitic