In the first quarter of this year, Italy remained Vietnam's top market for iron and steel imports, with earnings of nearly $299 million. The quantity and value of imports increased compared to the same period last year.
According to statistics of the General Department of Customs, Vietnam's export of all kinds of iron and steel in March 2024 reached nearly 1.1 million tons with a turnover of more than $834.8 million, an increase of 10% in volume and an increase of 11.4% in value compared to February 2024.
In Q1 2024, our country's iron and steel exports earned nearly $2.4 billion with more than 3.23 million tons, up 42% in volume and 40.1% in value over the same period in 2023.
The average export price of iron and steel in the first 8 months of the year reached $739 per ton, a slight decrease of 1.2% over the same period last year.
Vietnam's iron and steel exports prospered from the beginning of the year, showing a positive signal about the steel industry in 2024.
In terms of the market, in the first 3 months of the year, Italy was still the largest market to import all kinds of iron and steel from Vietnam, earning nearly $299 million with 483 thousand tons, an increase of 80.4% in volume and an increase of 64.2% in value over the same period in 2023. Behind Italy are the US and Cambodian markets, with total export values in the first quarter of $399.6 million and $182.8 million, respectively.
According to the Vietnam Steel Association (VSA), steel consumption in 2024 is expected to increase by 6.4% to nearly 21.6 million tons. Among them, exports of finished steel and semi-finished products are forecast to increase by 12% to nearly 13 million tons.
Vietnam's iron and steel industry is forecasted to recover with growth, prolonging the recovery of profits of enterprises in the industry.
The world's steel demand is forecast to recover strongly again in 2024, increasing by 1.7%, reaching 1.79 billion tons in 2024, and increasing 1.2% in 2025 to 1.82 billion tons.
Therefore, Vietnam's steel production will have many opportunities, expected to increase by about 10% in 2024. Finished steel production in the years 2024 and 2025 is estimated at 28 to 30 million tons, domestic steel consumption demand is about 22 - 23 million tons.
