| In the first 8 months of the year, iron and steel exports decreased in both volume and value. In January 2024, iron and steel imports from China increased sharply. |
According to statistics from the General Department of Customs, Vietnam's iron and steel exports in March 2024 reached nearly 1.1 million tons with a turnover of more than 834.8 million USD, up 10% in volume and 11.4% in value compared to February 2024.
In the first quarter of 2024, our country's iron and steel exports earned nearly 2.4 billion USD with more than 3.23 million tons, an increase of 42% in volume and 40.1% in value over the same period in 2023.
The average export price of iron and steel of all kinds in the first 8 months of the year reached 739 USD/ton, a slight decrease of 1.2% over the same period last year.
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| In the first 3 months of the year, Italy is still the largest market importing all kinds of iron and steel from Vietnam. |
Vietnam's iron and steel exports have flourished since the beginning of the year, showing positive signs for the steel industry in 2024.
In terms of market, in the first 3 months of the year, Italy was still the largest market importing iron and steel of all kinds from Vietnam, earning nearly 299 million USD with 483 thousand tons, up 80.4% in volume and 64.2% in value over the same period in 2023. Following Italy were the US and Cambodian markets, with total export values in the first quarter of 399.6 and 182.8 million USD, respectively.
Notably, iron and steel exports to many markets witnessed sudden growth, including Singapore.
Specifically, in March 2024, Vietnam's steel exports to Singapore reached 42,190 tons with a turnover of more than 23 million USD. Meanwhile, in March 2023, Singapore imported only 175 tons of steel with a turnover of just over 305 thousand USD. Thus, the growth rate reached 24,000% in volume and 7,456% in value.
In the first 3 months, the export of iron and steel of all kinds to this market reached 81,227 tons, worth more than 44.6 million USD, 18,790% higher in volume and 6,457% higher in value.
In particular, the average export price reached 549 USD/ton, a shocking decrease of more than 68% compared to the same period in 2023.
According to the Vietnam Steel Association (VSA), steel consumption in 2024 is expected to increase by 6.4% to nearly 21.6 million tons. Of which, finished and semi-finished steel exports are forecast to increase by 12% to nearly 13 million tons.
Vietnam's iron and steel industry is forecast to recover with growth, prolonging the profit recovery of businesses in the industry.
World steel demand is forecast to recover strongly in 2024, increasing by 1.7% to 1.79 billion tonnes in 2024, and by 1.2% in 2025 to 1.82 billion tonnes.
Therefore, Vietnam's steel production will have many opportunities, expected to increase by about 10% in 2024. Finished steel production in 2024 and 2025 is estimated to reach about 28 - 30 million tons, domestic steel consumption demand is about 22 - 23 million tons.
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