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Top steel importers in Vietnam (H12021 update)

Top steel importers in Vietnam (H12021 update)

Thursday 12, 08 2021
In addition to being one of the largest steel companies in Vietnam, Hoa Sen Group is also among top iron and steel importers of Vietnam in the first half of 2021.

Vietnam’s imports of iron and steel

It is estimated that in July 2021, Vietnam’s imports of iron and steel of all kinds reached 950 thousand tons, equivalent to a turnover of 972 million USD, down 15.5% in volume and 15% in value compared to June 2021. Generally, in the first 7 months of 2021, iron and steel imports of all kinds reached 8.05 million tons with a value of worth 6.76 billion USD, down 0.9% in volume yet up 41.7% in value over the same period last year.

Statistics of the General Department of Customs indicates that imports of iron and steel of all kinds in June 2021 reached 1.12 million tons, worth 1.143 billion USD, which is an increase of 18.13% in volume and 25.73% in value compared to May 2021. In general, in the first 6 months of 2021, Vietnam's iron and steel imports increased by 5.92% in volume and by 44.12% in value over the same period in 2020, reaching 7.09 million tons with a value of 5.78 billion USD, accounting for 3.63% of the total import value of Vietnam's goods.

Import

In June 2021, the average import price of iron and steel of all kinds was 1,018 USD/ton, up 61 USD/ton compared to May 2021 and up 470 USD/ton over the same period in 2020. It is estimated that the average price of imported steel in July 2021 was 1,023 USD/ton, up 0.5% compared to June 2021 and 34.2% compared to July 2020.

The average import price of iron and steel in the first 6 months of 2021 was 815.23 USD/ton, up 36.07% over the same period in 2020. The average import price of iron and steel in the first 7 months of 2021 is estimated at at 840 USD/ton, up 43% over the same period in 2020.

Vietnam’s top steel import markets

In June 2021, China, Japan, Korea, Taiwan and India were the largest iron and steel providers of Vietnam. Imports of iron and steel of all kinds from China increased sharply, while that from Japan, Taiwan and India all decreased sharply compared to the same period in 2020. Generally in the first 6 months of 2021, imports of iron and steel increased by 5.92% in volume. This was mainly caused by a sharp increase in imports from China, while imports from other major supplying markets including Japan, Korea, Taiwan, and India experienced a decrease.

Steel provider

In June 2021, imports of iron and steel from the Chinese market reached 515.3 thousand tons, worth 527.69 million USD, up 71.72% in volume and 197.85% in value over June 2020. Generally, in the first 6 months of 2021, imports of iron and steel from the Chinese market reached 3.64 million tons with a value of 2.83 billion USD, up 60.88% in volume and 106.16% in value compared to the same period in 2020.

Japan is the second largest supplier of iron and steel to Vietnam. In June 2021, imports of iron and steel from this country reached 158.7 thousand tons with a value of 149.96 million USD, down 14.07% in volume, but up 52.08% in value compared to the same period last year. Generally in the first 6 months of 2021, imports of iron and steel of all kinds from Japan reached 943.7 thousand tons, worth 753.77 million USD, down 20.68% in volume, but up 8.62% in value compared with the same period in 2020.

It is forecasted that Vietnam's imports of iron and steel in the second half of 2021 may decrease when the Covid-19 epidemic is not under good control, which causes social distancing measures to be maintained.

China's decision to raise iron and steel export tax and cancel the export tax refund policy for some iron and steel products will also affect Vietnam's imports because the price of steel imported from China will increase.

Top Steel companies

Source: Ministry of Industry and Trade

Compiled by VietnamCredit

 

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