| 9 months, from which markets did Vietnam import iron and steel? 8.49 billion USD was spent on importing iron and steel after the first 10 months of 2023 |
According to the latest report of the General Department of Customs, in January 2024, the country imported 1.61 billion USD of iron and steel of all kinds and products, an increase of 20.1%, equivalent to an increase of 268 million USD compared to the previous month.
Compared to the same period in 2023, imports of this group of goods increased by 76.6%, equivalent to an increase of 696 million USD.
Of which, the volume of imported iron and steel of all kinds reached 1.49 million tons, equivalent to 1.06 billion USD, with an average price of 711.9 USD/ton, up 27.3% in volume, up 22.3% in turnover but down 3.9% in price compared to December 2023; and compared to January 2023, it increased 151.2% in volume, increased 101.6% in turnover but down 19.7% in price.
 |
| January 2024, iron and steel imports from China increased sharply |
China is the leading market for supplying iron and steel to Vietnam, accounting for 67.6% of the total volume and 60% of the total turnover, reaching nearly 1.01 million tons, equivalent to nearly 635.66 million USD, with an average price of 631.5 USD/ton, up 25.7% in volume, up 24% in turnover but down 1.4% in price compared to December 2023; compared to January 2023, it increased 376.4% in volume, increased 247% in turnover but down 27.2% in price.
Next is the Indonesian market, accounting for over 4.4% of the total volume and 9.7% of the total iron and steel import turnover of the country, reaching 65,140 tons, equivalent to nearly 102.63 million USD, with an average price of 1,575 USD/ton, up 14.3% in volume, up 7.7% in turnover but down 5.8% in price compared to December 2023; compared to January 2023, it decreased by 19.5% in volume, down 7.5% in turnover but up 14.8% in price.
The Japanese market ranked third with 135,841 tons, equivalent to 94.44 million USD, priced at 695.2 USD/ton, up 7% in volume, up 2% in turnover but down 4.6% in price compared to December 2023; up 28.5% in volume, up 23.2% in turnover but down 4% in price compared to January 2023, accounting for 9% of the total volume and total import turnover of iron and steel of the whole country.
Imports from RCEP FTA markets were 1.31 million tons, equivalent to 934.22 million USD, up 20.8% in volume and 17% in value over the same period last year.
Also according to According to statistics from the General Department of Customs, in January 2024, Vietnam's steel exports increased for the fourth consecutive month, reaching more than 1.16 million tons with a value of more than 822 million USD, up 7.1% in volume and 7.4% in value compared to the previous month; up 72.6% in volume and 80.0% in value 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.
Global steel demand is forecast to recover strongly in 2024, increasing by 1.9% to 1.8 billion tons in 2024, so 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 million - 30 million tons, domestic steel consumption demand is about 22 million - 23 million tons.
Source
Comment (0)