According to a recent report by the Vietnam Steel Association (VSA), Vietnam's crude steel production in January reached 683,226 tons (down 11.1% year-on-year); finished steel production of all kinds reached 2.3 million tons (down 7.96% compared to December 2024 and down 9.2% compared to the same period in 2024).
In the VSA report, it said that the prospects steel market Vietnam entered the first days of 2025 without any definite positive signs. January coincided with the extended New Year and Lunar New Year holidays, and in general, the production and sales of steel products in January decreased compared to December 2024 and the same period in 2024.
Vietnam's finished steel output also only reached 2.062 million tons in January (down 15.2% year-on-year). Regarding the steel production raw material market, according to VSA, the average iron ore price in January was at 101.9 USD/ton (down 24.6% year-on-year in 2024 and down 1.6% year-on-year in December 2024).
According to data from the General Department of Customs, in January 2025, Vietnam exported 919,875 tons of iron and steel with a turnover of 611 million USD, down 19% in volume and 24% in value compared to the same period last year. The average export value reached 664.2 USD/ton, down 6% over the same period.
In terms of market, the United States is the largest consumer of Vietnamese iron and steel, reaching a turnover of 75 million USD, down 32% over the same period last year; Italy reached a turnover of 57.9 million USD, down 49% over the same period; Cambodia with 53 million USD, down 22% over the same period.
With the US officially imposing a 25% tax on steel and aluminum imported into the country, the tax rate is 25% without any exceptions or exemptions. Many opinions are concerned that the steel and aluminum industry in Vietnam will be greatly affected. However, many experts and businesses believe that the impact is insignificant. Because in the overall export of aluminum and steel, the US market only accounts for 13%, behind the ASEAN region and the EU. The export proportion is small, so the impact will not be large, if any, the impact will be clearly seen with some businesses exporting galvanized steel to the US.
On the other hand, in January 2025, Vietnam imported about 950 thousand tons of steel, down 38.89% compared to December 2024 and down 36.18% compared to the same period last year in terms of volume. The import value reached more than 691 million USD, down 36.03% compared to December 2024 and down 34.78% compared to the same period in 2024.
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