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According to the latest data released by the SG365W1 Grade B steel Vietnam Steel Association (VSA), the Vietnamese steel industry has performed well in the first ten months of 2024, with continuous growth in finished steel production and increased sales in domestic and international markets. From January to October 2024, Vietnam's finished steel production increased by 8.5% year-on-year, reaching 24.473 million tons, and crude steel production increased by 16% year-on-year, reaching 18.19 million tons. At the same time, the sales volume of finished steel also achieved significant growth, with a year-on-year increase of 15.6%, reaching 24.47 million tons.
The Vietnam Steel Association pointed out that in the first ten months of 2024, sales of all types of finished steel products increased, with SG365W1 Grade B steel cold-rolled coils experiencing the largest growth rate of 41.9%. In addition, the growth rate of galvanized and color coated plates was 35.1%, construction steel increased by 15.7%, and steel pipes also increased by 6.4%. Although the sales volume of hot-rolled coils has slightly decreased compared to the same period, the overall performance is still resilient, demonstrating the diversified demand of the market among different products.
In terms of exports, Vietnam's export volume of finished steel products also performed well, reaching 7.12 million tons from January to October 2024, a year-on-year increase of 6.2%. However, hot-rolled coils are facing competitive pressure from China's advantageous resources, and the export volume of hot-rolled coils in Vietnam has decreased by 26.3% compared to the same period last year. However, exports of other categories such as cold-rolled coils, galvanized and color coated sheets have shown a positive trend, indicating that SG365W1 Grade B steel Vietnamese steel companies are continuously making progress in optimizing their product structure and market layout.
According to data from the Vietnam General Administration of Statistics, in the first ten months of 2024, Vietnam's total steel imports reached 14.7 million tons, a year-on-year increase of 38.2%. Among them, China's steel supply is 10.17 million tons, accounting for 69.2% of Vietnam's total imports. As the largest source of steel imports for Vietnam, China continues to maintain a leading market share in the Vietnamese market for its products. But with the expansion of production capacity of local Vietnamese enterprises and the landing of Vietnam's anti-dumping investigation against China, the quantity of steel imported from China will be greatly affected.
