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The VSA report said that the outlook for the Vietnamese steel market as it enters the first days of 2025 does not show any definite positive signs. January coincided with the extended New Year and Lunar New Year holidays, while the production and sales of steel products in January decreased compared to December 2024 and the same period in 2024.

Vietnam’s finished steel sales output also reached only over 2.06 million tonnes in January (down 15.2% from the same period last year). Regarding the steel production raw material market, according to VSA, the average iron ore price in January was at 101.9 USD/tonne (down 24.6% from the same period in 2024 and down 1.6% from December 2024).

According to data from the General Department of Customs, in January 2025, Vietnam exported 919,875 tonnes of iron and steel with a turnover of 611 million USD, down 19% in volume and 24% in value from the same period last year, while the average export value reached 664.2 USD/tonne, down 6%.

On the other hand, in January 2025, Vietnam imported about 950,000 tonnes of steel, down 38.89% compared to December 2024 and down 36.18% from the same period last year in terms of volume. The import value reached more than 691 million USD, down 36.03% compared to December 2024 and down 34.78% from the same period in 2024.