Saturday, May 25,2024 - 5:1 GMT+7  Việt Nam EngLish 

Vietnam steel market update: Steel export increases in Jan-Feb y-o-y 

 Monday, April 1,2024

AsemconnectVietnam - According to statistics from Vietnam’s customs, in the first two months of 2024, Vietnam’s steel export reached about US$1.5 billion, increasing by 19% in volume and by 13% in value compared to the same period in 2023.

In specific, in January, Vietnam’s export destinations included Italy (hiking by 114% year on year to about 203,000 tons), the US (soaring by 419% year on year to about 139,000 tons), and Malaysia (soaring by 625% year on year to about 120,000 tons), respectively.
Vietnam’s scrap imports soar in Feb m-o-m
According to data from Vietnam’s Ministry of Finance, in February, Vietnam’s scrap imports were about 463,000 tons, a 30.1% month-on-month hike and a year-on-year decrease of 4%, which was the first year-on-year decrease in the past five months. Meanwhile, the import value totaled about US$176 million, growing by 25.1% from the previous year.
In the first two months of this year, the imports were about 819,000 tons, increasing by 20% year on year, and the imported value amounted to US$317 million, a year-on-year increase of 20.9%.
Vietnam’s steel imports & exports grow in Jan
According to statistics from the General Department of Vietnam Customs, the country’s steel imports totaled around 1.5 million tons in January, up by 27.2% compared to the previous month and soaring by 151.3% from the same month a year ago.
However, due to the increased steel imports, Vietnam’s scrap imports dropped by nearly 19% month on month to 356,300 tons.
In January, Vietnam’s steel exports amounted to more than 1.16 million tons, a month-on-month increase of 7.1% and a year-on-year jump of 84%.
Vietnam becomes China's top steel export destination in 2023
In 2023, Vietnam surpassed South Korea to become China's top steel export destination for the first time, with imports rising by 69.5% year on year to 9.249 million tons; while Vietnam's total steel imports rose by only 14.1% year on year to 13.3 million tons, which marked a decrease of about 1 million tons in imports from other countries.
Due to weak domestic demand and high production costs, Vietnam's local steel mills generally reduce production. Crude steel production in Vietnam in January-November was about 17.3 million tons, down by 7% year on year; consumption was about 16.9 million tons, down by 2% year on year.
The above-combined increment was basically absorbed/balanced by exports, which amounted to 11.13 million tons in 2023, up by 32.6% year on year.
Nam Kim Steel's net revenue falls in 2023
Vietnam’s steelmaker Nam Kim Steel posted a net revenue of VND18,595 billion in 2023, falling by more than 19% year on year.
In the same year, the pre-tax profit and after-tax profit were VND177.3 billion and VND117.4 billion, respectively, higher than the amount in 2022.
Nam Kim Steel's overall operation performance in 2023 was better than the previous year, but the company only achieved 93% of its planned revenue and 44.3% of the targeted profit.
Hoa Phat Group’s steel sales drop in Feb
Hoa Phat Group, the largest steel manufacturer in Vietnam, reported that the group’s steel sales, including construction steel, steel billets, and hot-rolled coil (HRC), totaled 639,000 tons in February, falling by 19% compared to the previous month, due to soft market demand.
In February, Hoa Phat Group's crude steel production totaled 690,000 tons, a month-on-month decrease of 0.4%.
In the first two months of this year, Hoa Phat's crude steel output reached 1.38 million tons, a year-on-year increase of 71.0%. The company's sales volume increased by 32.0% year-on-year to 1.15 million tons.
Hoa Phat enters Japanese steel pipe market
Vietnamese steel producer Hoa Phat Group has announced that it has received orders for steel pipes from the US, Australia, Canada, and Japan, and it has completed its first shipment to a major Japanese retailer.Hoa Phat's steel pipes will meet Japan's customers' demand through the Do-It-Yourself (DIY) model. Customers can purchase the pipes for various uses, such as trellises or wooden shelves. Therefore, the products must meet quality standards such as load-bearing capacity, corrosion resistance, and weather resistance for various uses.
In 2023, Hoa Phat sold 685,000 tons of steel pipes. Even though the global steel market faced challenges, its export sales were still higher by 40% compared to the previous year.
T.Huong
Nguồn: Vitic/Yieh

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