Iron ore prices
Prices of 62% Fe iron ore remained elevated at around USD 109-110 per tonne CFR East Asia, equivalent to approximately VND 2.85-2.9 million per tonne.
The high price level was mainly attributed to the recovery of steel production in China, which boosted iron ore import demand. In addition, shipping costs and occasional supply disruptions from Australia and Brazil helped keep prices firm.
Higher iron ore prices increased production costs for major Vietnamese steelmakers such as Hòa Phát Group and Formosa Hà Tĩnh, adding upward pressure on domestic steel prices.
Scrap steel prices
Domestic and imported scrap steel prices in Vietnam generally remained at high levels, although trading activity was relatively cautious.
In the domestic market, Grade 1 scrap steel prices ranged between VND 8.1 million and VND 9.2 million per tonne, depending on region and quality.
Imported scrap from Japan was offered at approximately USD 325-327 per tonne CFR Vietnam, while HMS 80:20 scrap from the United States and Australia was quoted at USD 345-350 per tonne CFR.
The market was supported by stable demand from domestic steel producers and persistently high global collection and transportation costs. However, from mid-May onward, activity showed signs of slowing as demand for finished steel products weakened and steelmakers reduced purchases to limit price risks.
Hot-Rolled Coil (HRC) prices
Hot-rolled coil (HRC) prices edged higher during May 2026, supported by developments in the global steel market and rising raw material costs.
Domestic HRC prices generally ranged between VND 13.8 million and VND 14.3 million per tonne, depending on brand and product specifications.
Formosa Hà Tĩnh HRC was offered at around VND 13,800-14,250 per kg, while Hòa Phát HRC was quoted at approximately VND 13,900-14,300 per kg.
In early May, several major domestic steelmakers raised HRC selling prices after imported HRC prices from China and other Asian suppliers climbed above USD 600 per tonne CFR Vietnam.
Higher raw material, freight, and energy costs also supported the increase in HRC prices. Nevertheless, the market began to slow from mid- to late May as downstream steel demand had yet to recover significantly.
Construction Steel Prices Across Vietnam
As of May 20, 2026:
Northern Vietnam
· Hòa Phát CB240 wire rod: VND 14,920/kg, unchanged from the previous month.
· Việt Ý CB240 wire rod: VND 14,800/kg, unchanged month-on-month.
Central Vietnam
· Hòa Phát CB240 wire rod: VND 14,920/kg, unchanged month-on-month.
· Việt Đức CB240 wire rod: VND 15,050/kg, unchanged month-on-month.
Southern Vietnam
· Hòa Phát CB240 wire rod: VND 14,820/kg, unchanged from the previous month.
· VAS CB240 wire rod: VND 13,530/kg, unchanged month-on-month.
Production
In March 2026, Vietnam's crude steel output reached 2.46 million tonnes, up 12.3% from the previous month and 18.3% higher than in March 2025.
Finished steel production totaled 3.07 million tonnes, increasing 16.91% compared with February 2026 and rising 13.9% year-on-year.
By product category, construction steel output reached 1.35 million tonnes in March, while hot-rolled coil (HRC) production totaled 814,790 tonnes, representing month-on-month increases of 21.08% and 5.46%, respectively.
During the first quarter of 2026, Vietnam's steel industry recorded strong growth compared with the same period of 2025.
Crude steel production reached 7.16 million tonnes, up 23.3% year-on-year, while finished steel output totaled approximately 8.54 million tonnes, an increase of 14.4%.
This represented the highest production level recorded by Vietnam's steel industry in the past five years.
Vietnam steel consumption rises in March as construction demand strengthens
Vietnam's steel consumption continued to recover in March, driven by stronger construction activity and improving demand across most major product segments, industry data showed.
Crude steel consumption reached 2.23 million metric tons in March, up 6.5% from February and 7.4% higher than the same month a year earlier.
Sales of finished steel products rose sharply to about 3.38 million tons, increasing 46% from the previous month and 11.9% year-on-year.
Construction steel remained the strongest-performing segment, with sales exceeding 1.5 million tons in March, around 50% higher than in February and nearly 16% above the level recorded a year earlier.
The March figures extended a broader recovery trend in Vietnam's steel sector during the first quarter of 2026.
For the January-March period, cumulative crude steel consumption reached 6.82 million tons, up 19.7% from the same period in 2025. Total sales of finished steel products climbed to 8.66 million tons, an increase of 15.5% year-on-year.
Most major steel categories recorded growth during the quarter, with the exception of coated steel products.
Construction steel posted the strongest increase, rising 29.1% from a year earlier. Hot-rolled coil (HRC) sales increased 24%, while cold-rolled steel and steel pipe sales rose 17% and 10%, respectively.
Construction steel remained the primary driver of domestic demand. First-quarter consumption exceeded 3.97 million tons, up 29.1% from the same period last year.
Total construction steel sales during the quarter surpassed 3.9 million tons, an increase of about 29% year-on-year and approximately 244,455 tons higher than production, indicating that inventories continued to be drawn down as demand strengthened.
Source: Vitic