In January 2024, iron and steel imports from China increased sharply.

According to the latest report from the General Department of Customs, in January 2024, the whole country imported $1.61 billion worth of iron and steel of all kinds and products, an increase of 20.1%, or $268 million, compared to the previous month.

Compared to the same period in 2023, imports of this product group increased by 76.6%, equivalent to an increase of $696 million.

Specifically, imports of all types of iron and steel reached 1.49 million tons, equivalent to 1.06 billion USD, with an average price of 711.9 USD/ton, an increase of 27.3% in volume, 22.3% in value, but a decrease of 3.9% in price compared to December 2023; and compared to January 2023, an increase of 151.2% in volume, an increase of 101.6% in value, but a decrease of 19.7% in price.

In January 2024, iron and steel imports from China increased sharply.

China is the leading supplier of iron and steel to Vietnam, accounting for 67.6% of the total volume and 60% of the total value, reaching nearly 1.01 million tons, equivalent to nearly 635.66 million USD, with an average price of 631.5 USD/ton, an increase of 25.7% in volume and 24% in value but a decrease of 1.4% in price compared to December 2023; compared to January 2023, there was an increase of 376.4% in volume and 247% in value but a decrease of 27.2% in price.

Following that, the Indonesian market accounted for over 4.4% of the total volume and 9.7% of the total value of iron and steel imports nationwide, reaching 65,140 tons, equivalent to nearly 102.63 million USD, with an average price of 1,575 USD/ton, an increase of 14.3% in volume, an increase of 7.7% in value but a decrease of 5.8% in price compared to December 2023; compared to January 2023, there was a decrease of 19.5% in volume, a decrease of 7.5% in value but an increase of 14.8% in price.

The Japanese market ranked third with 135,841 tons, equivalent to $94.44 million, at a price of $695.2/ton, an increase of 7% in volume, 2% in value but a decrease of 4.6% in price compared to December 2023; an increase of 28.5% in volume, 23.2% in value but a decrease of 4% in price compared to January 2023, accounting for 9% of the total volume and value of iron and steel imports nationwide.

Imports from FTA and RCEP markets totaled 1.31 million tons, equivalent to $934.22 million, an increase of 20.8% in volume and 17% in value compared to the same period last year.

Also according to According to statistics from the General Department of Customs, in January 2024, Vietnam's steel exports increased for the fourth consecutive month, reaching over 1.16 million tons with a value of over 822 million USD, an increase of 7.1% in volume and 7.4% in value compared to the previous month; and an increase of 72.6% in volume and 80.0% in value compared to the same period in 2023.

According to the Vietnam Steel Association (VSA), steel consumption in 2024 is expected to increase by 6.4% to nearly 21.6 million tons. Of that, exports of finished and semi-finished steel products are forecast to increase by 12% to nearly 13 million tons.

Vietnam's iron and steel industry is projected to recover with growth, extending the profit recovery for businesses in the sector.

Global steel demand is projected to recover strongly in 2024, increasing by 1.9% to reach 1.8 billion tons. Therefore, Vietnam's steel production will have many opportunities, expected to increase by approximately 10% in 2024. Finished steel production in 2024 and 2025 is estimated at around 28-30 million tons, while domestic steel consumption is expected to be around 22-23 million tons.

Source: https://congthuong.vn/thang-12024-nhap-khau-sat-thep-tu-trung-quoc-tang-manh-305818.html