According to preliminary statistics from the General Department of Customs, in August 2024, Vietnam exported over 1.37 million tons of iron and steel, earning 941 million USD, up 32% in volume and 21% in value compared to the previous month.
In the first 8 months of 2024, the export of iron and steel of all kinds reached 8.88 million tons, earning more than 6.4 billion USD, up 20.7% in volume and 14% in value over the same period last year. The average export price reached 730 USD/ton, down 5.5% compared to the first 8 months of 2023.
In general, the first months of the year recorded Vietnam's iron and steel exports continuously at high levels, except for February and June, the remaining months all reached over one million tons.
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| In the first 8 months of 2024, iron and steel exports of all kinds reached 8.88 million tons, earning more than 6.4 billion USD, up 20.7% in volume and 14% in value over the same period. Illustrative photo |
In the first 8 months of 2024, the United States continued to maintain its position as the largest consumer market for Vietnamese iron and steel, reaching more than 1.26 million tons, equivalent to 1.04 billion USD, with an average price of 822 USD/ton, up 16% in volume, 38% in turnover and 3.8% in price over the same period last year.
Italy is the second largest export market, reaching 1.01 million tons, equivalent to 635 million USD, down 14.8% in volume, down 24.7% in turnover and down 11.5% in price compared to the first 8 months of 2023.
Cambodia market ranked 3rd, reaching 781 tons, equivalent to 492 million USD, export price reached 628 USD/ton in 8 months of 2024.
Besides the top 3, many markets recorded impressive growth. Among them were Russia, Saudi Arabia, and Spain with double to triple digit growth.
The Vietnam Steel Association (VSA) assessed that the steel industry has many opportunities to make a breakthrough in 2024 thanks to favorable factors and opportunities from export markets. According to the World Steel Association (WSA), world steel prices in 2024 are expected to increase slightly by 3.5% compared to 2023 in the context of recovering demand and tight supply.
Mr. Nguyen Duc Dung - Deputy General Director of the Vietnam Commodity Exchange (MXV) commented that the domestic steel market will remain sluggish in September and steel prices will likely continue to maintain a downward trend. However, prices are unlikely to fall below VND13,000/kg and the price outlook will be more positive in the fourth quarter of 2024 when the construction season begins, especially thanks to efforts to remove difficulties in the real estate sector and promote disbursement of public investment capital.
According to Mr. Dung, in the fourth quarter, the seasonal increase in demand in China, along with positive signals from macro factors when major central banks in the world moved to lower interest rates, steel prices may experience adjustments to increase again. The recovery of the steel industry this year mainly comes from comparison with the low base level of last year.
Source: https://congthuong.vn/8-thang-xuat-khau-sat-thep-cua-viet-nam-thu-ve-hon-64-ty-usd-346434.html
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