Vietnam's steel exports up 9.4% in the first four months of this year

The Vietnam Steel Association (VSA) released a report on the steel market in the first four months of this year and April.

According to reports, in April this year, the production of finished steel products reached nearly 3 million tons, down 11.3% month-on-month and 1.1% compared with the same period in 2021. The sales volume of various steel products exceeded 2.4 million tons, down 22.5% month-on-month and 15.6% year-on-year.

In the first four months, the national production of finished steel products reached 1.14 million tons, a year-on-year increase of 2.2%. Among them, the sales volume of finished steel products reached 10.6 million tons, a year-on-year increase of 4.1%. Among them, the export volume reached 2.46 million tons, an increase of 9.4%.

Regarding exports, statistics from the Vietnam Steel Association show that in the first quarter of this year, Vietnam's steel exports exceeded 2.28 million tons, a year-on-year decrease of 22.15%; the export value reached 2.3 billion US dollars, a year-on-year increase of 12.53%.

ASEAN continues to be the traditional export market for Vietnam's steel, accounting for 40.57%. In particular, the export of Vietnamese steel to the EU market has soared, with a market share of 19.32%. Followed by the United States, South Korea and Hong Kong, China.

In the first quarter, Vietnam's steel imports reached 1.1 million tons, with an import value of US$1.14 billion, an increase of 23% and 22.36% year-on-year respectively.

Recently, domestic steel brands such as Hefa, Yueyi, Yuede and Taiyuan have notified steel prices from May 11 to drop by 300,000 to 920,000 VND per ton.