AsemconnectVietnam - According to the calculations from the Vietnam Customs Department, in the first three months of 2026, Vietnam's exports of all types of iron and steel reached 2.944 million tonnes, equivalent to a value of US$1.861 billion, an increase of 6.9% in volume and 4.18% in value compared to the same period in 2025.

However, the average export price only reached US$632.1/tonne, a decrease of 2.55% compared to the same period last year. This development shows that export activities are recovering in terms of volume, but are still facing downward price pressure amidst fluctuations in global steel market demand and costs.
In March of 2026 alone, iron and steel exports reached 1.029 million tonnes, an increase of 23.28% compared to February of 2026 and an increase of 1.97% compared to the same period last year with US$697.7 million, a 35.5% increase compared to the previous month and an 8.53% increase compared to the same period in 2025. Notably, the average export price reached US$677.86/tonne, a 9.91% increase compared to the previous month and a 6.44% increase compared to the same period, indicating a slight short-term price recovery.
The United States continued to be Vietnam's largest iron and steel export market, reaching 464,767 tonnes, worth of nearly US$260 million, a strong increase of 32.72% in volume and 24.24% in value. The exports to this market accounted for 15.75% in volume and 13.96% in value, playing a pivotal role in the market structure.
India rose to second place with approximately 220,892 tonnes, equivalent to a value of approximately US$249 million, a sharp increase of 83.6% in volume and 128.4% in value compared to the same period of 2025. This result put India in second place in terms of export value, accounting for about 13.4% of the total value, while its volume share reached about 7.5%.
In Southeast Asia, Cambodia and Indonesia continued to be two major markets for Vietnamese iron and steel, with volumes of approximately 395,763 tonnes and 291,223 tonnes respectively, with corresponding values of nearly US$224 million and US$157 million. The country’s exports to both markets increased, to Cambodia increased by 6.81% and Indonesia by a strong 36.51% in volume. In addition, the exports of iron and steel to Malaysia also reached approximately 231,000 tonnes, an increase of 30.96% in volume and 23.95% in value.
Meanwhile, the European market showed a clear divergence. The exports of iron and steel to Italy reached approximately 240,702 tonnes with a value of nearly $135 million, an increase of 13.96% in volume but a decrease of 4.28% in value, reflecting downward price pressure. Belgium also recorded a similar trend with an 8.54% increase in volume but a 7.29% decrease in value. Conversely, Poland stood out with very strong growth, reaching nearly 57,859 tonnes, an increase of 202.04% in volume and 141.98% in value.
Some markets recorded exceptional growth, notably to Turkey reaching approximately 130,856 tonnes, valued at nearly $63 million, an increase of 177.37% and 180.41% respectively. The exports to the Philippines also saw a sharp increase, reaching 60,238 tonnes, up 817.98% in volume and 542.59% in value. In addition, Russia recorded very high growth, reaching approximately 2,374 tonnes, an increase of over 830% in both volume and value; however, the scale remains small.
Conversely, many traditional markets recorded significant declines. The exports to Taiwan (China) decreased by 30.46% in volume and 24.86% in value, to South Korea decreased by 8.3% in volume and a significant 46.57% in value. The exports to Australia and Brazil also saw sharp declines of 45.72% and 36.04% in volume, respectively. Notably, the exports to Spain and the UK fell sharply by over 60% in both volume and value, indicating weak demand in these markets.
Some smaller markets recorded significant but insignificant fluctuations, such as Singapore with a 90.46% decrease in volume, Germany with a 98.41% decrease, while Argentina experienced a near-total decline of 98.97%.
Overall, iron and steel exports in the first quarter of 2026 showed signs of recovery, but not uniformly across markets. The main drivers of growth came from large markets such as the United States, India, and Southeast Asia. Meanwhile, the European market and some traditional markets remained under downward pressure, evidenced by decreases in value or unstable growth.
Amidst volatile global demand, diversifying export markets and effectively leveraging high-growth regions will play a crucial role in maintaining and boosting iron and steel export growth in subsequent quarters.
CK
Source: VITIC