AsemconnectVietnam - In the first four months of 2026, Vietnam's iron and steel exports remained relatively stable in terms of volume; however, the value recorded a slight decrease due to weakening export prices.

According to the calculations from the Vietnam Customs Department, in the first four months of 2026, Vietnam exported 3.9 million tonnes of various types of iron and steel, achieving a value of US$2.5 billion. Compared to the same period of 2025, export volume increased by 0.51%, while the value decreased by 0.53%. The average export price reached US$642.08/tonne, a decrease of 1.03% compared to the same period last year. This trend indicates that export prices continue to face pressure amidst strong differentiation in global steel demand across market regions.
In April of 2026 alone, Vietnam exported 1.03 million tonnes of various types of iron and steel, a slight increase of 0.13% compared to March of 2026 but a decrease of 5.79% compared to the same period last year. Export turnover reached US$680.1 million, a decrease of 2.52% compared to the previous month and a decrease of 4.21% compared to the same period of 2025. Meanwhile, the average export price reached US$659.9/tonne, a decrease of 2.65% compared to the previous month but still an increase of 1.68% compared to the same period last year. This trend shows that export steel prices are showing signs of year-on-year recovery, although short-term downward pressure remains.
In the first four months of 2026, Cambodia continued to be Vietnam's largest export market for iron and steel. The exports of iron and steel to this market reached approximately 535,195 tonnes, equivalent to nearly US$306 million, representing increases of 8.18% in volume and 8.24% in value compared to the same period last year. Currently, Cambodia accounts for 13.86% of total iron and steel exports and contributes 12.33% of the total export value of the entire industry.
The second largest market was the United States with 516,632 tonnes, equivalent to over US$300.5 million, a strong increase of 33.19% in volume and 24.18% in value compared to the same period last year. The United States currently accounts for 13.38% of the total volume and 12.12% of the total export value of iron and steel from Vietnam, and is one of the markets recording the most outstanding growth rate among the key export markets.
India emerged as a high-value import market, reaching nearly $282 million despite a volume of only about 270,014 tonnes. Notably, while exports to this market decreased by 7.18%, the value increased sharply by 37.32%, reflecting a trend of increasing order value or a shift towards higher-value steel products. This market currently accounts for 11.36% of Vietnam's total steel exports.
The exports to Indonesia also recorded positive growth with approximately 400,028 tonnes, equivalent to over $222 million, an increase of 34.35% in volume and 30.23% in value; while the exports to Malaysia reached approximately 281,000 tonnes, worth of nearly $173 million, increasing by 17.66% and 14.23% respectively. These two ASEAN markets continued to play a crucial role in maintaining Vietnam's steel export growth amidst recovering domestic demand.
In the European market, the exports to Belgium achieved positive results with 234,688 tonnes, valued at over $145 million, an increase of 29.32% in volume and 11.54% in value. Conversely, Italy saw a sharp decline to approximately 219,132 tonnes and over $131 million, a decrease of 31.18% in volume and 37.52% in value. The exports to Spain also experienced a significant drop of nearly 60% in both volume and value, reaching only about 56,000 tonnes and over $42 million. This indicates that steel demand in some European economies has not yet recovered uniformly.
Taiwan (China) imported 141,255 tonnes of steel from Vietnam, valued at $98.2 million, a decrease of 19.06% in volume and 12.84% in value. Meanwhile, Thailand imported 123,680 tonnes, worth over $88 million, a slight increase of 4.16% in volume and 5.14% in value.
Several markets recorded exceptional growth rates. Poland imported 115,735 tonnes, worth of $78.9 million, a significant increase of 264.61% in volume and 188.93% in value. Turkey imported 137,637 tonnes worth of $76.9 million, an increase of 189.3% and 232.7% respectively. The Philippines also saw a very strong increase with 60,730 tonnes, worth of $29.7 million, representing increases of 414.92% in volume and 312.25% in value. Russia was the fastest-growing market, reaching 3,148 tonnes and $4.03 million, a significant increase of 638.97% in volume and 812.14% in value, despite its relatively small export volume. The surge in markets such as Poland, Turkey, the Philippines, and Russia was primarily driven by a strong recovery in steel demand for construction and industry. Furthermore, competitive steel prices and the market expansion capabilities of Vietnamese businesses contributed to the rapid increase in export value. In addition, fluctuations in global steel supply created opportunities for Vietnamese steel to increase its market share in these markets.
Conversely, many markets experienced significant declines. Australia only reached 61,900 tonnes, valued at $44.6 million, a decrease of over 53% in value. The UK saw a 57.47% decrease in volume and a 58.13% decrease in value, reaching 40,003 tonnes and $26.2 million. South Korea also saw a sharp 47.63% decrease in value, down to $63 million, although the decrease in volume was only 8.63%, indicating a significant drop in the average export price to this market.
Notably, Germany saw a sharp decline, importing only 1,569 tonnes worth of $1.6 million, a decrease of 97.5% in volume and 94.6% in value. Singapore also experienced a significant drop, with exports decreasing by 88.92% and value by 73.39%. The sharp decline in Vietnam's steel exports to Germany is primarily due to weakening demand for steel in Europe and increasing competition from other suppliers. Furthermore, new environmental standards and carbon tax policies in the European Union are adding pressure on steel imports from Vietnam.
Among smaller markets, China imported 8,863 tonnes of Vietnamese steel worth of $12.7 million, an increase of 36.63% in volume and 41.14% in value. The United Arab Emirates imported 2,885 tonnes, worth of $4.33 million. Notably, the value increased by 82.07% despite a 13.7% decrease in volume, reflecting an improvement in export prices.
Overall, Vietnam's iron and steel exports in the first four months of 2026 saw strong growth in many new markets thanks to recovering demand, competitive prices, and the potential for market share expansion. However, the decline in some traditional markets indicates that the steel industry still faces competitive pressure and volatility in the global economy.
CK
Source: VITIC