The report of the Vietnam Steel Association (VSA) said that the outlook for the steel market entering the first days of 2025 has not shown any solid positive signs. January coincides with both the long New Year and Lunar New Year holidays, in general, the production and sales of steel products in January 2025 decreased compared to December 2024 and the same period in 2024.
VSA informed that Vietnam's crude steel production reached 683,226 tons in January 2025, down 11.1% over the same period last year. The production of finished steel 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.
Vietnam's finished steel sales output reached 2.062 million tons in January 2025, down 15.2% over the same period last year.
Regarding the steel material market, according to VSA, the average iron ore price in January 2025 was 101.9 USD/ton, down 24.6% over the same period in 2024 and down 1.6% over the previous month.
The average trading price of cup-brewed coal in January 2025 was 192 USD/ton, down 3.9% compared to the previous month and down 42.1% compared to the same period in 2024. The average HRC price in January 2025 was 474 USD/ton, down 15.9% over the same period and down 2.8% over the previous month
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 price reached 664.2 USD/ton, down 6% over the same period.
Export value reached more than 611 million USD, up 14.74% over the previous month but down 25.72% over the same period in 2024.
In terms of market, the US is the market that consumes the most Vietnamese steel products with a turnover of 75 million USD, down 32% over the same period last year; Italy has a turnover of 57.9 million USD, down 49% over the same period; Cambodia with 53 million USD, down 22% over the same period.
Next were Spanish markets with 47 million USD, down 30% compared to January 2024; Belgium with 30.5 million USD, down 18% over the same period; Taiwan (China) with 30.6 million USD, up 33% over the same period; Australia with 30 million USD, up 66% over the same period; South Korea with 24.9 million USD, down 36% over the same period...
Steel exports to some markets decreased such as: Indonesia with 36.5 million USD, down 3.9% over the same period; Malaysia with 26.8 million USD, down 64% over the same period; Singapore with 20.9 million USD, down 0.4% over the same period; Thailand with 10.2 million USD, down 38% over the same period...
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 the previous month and down 34.78% compared to the same period in 2024.
The countries supplying steel to Vietnam in January 2025 include: China increased by 56.56%, Japan (16.21%), South Korea (10.88%), ASEAN (8.57%) and Taiwan (China) (6.64%).
