Vietnam: Steel exports surge in CY'21 on active buying from the EU

Vietnam's steel exports stood at 11.71 million tonnes (mn t) in CY'21, an increase of 27% compared to 9.24 mn t in CY'20.

However, in Dec'21, export volumes dropped 20% to 809,983 t from 1,016,206 t a month ago.

Vietnamese exporters remained active in boosting overseas cargoes amid low demand in the country due to Covid-19-induced stringent lockdowns during Mar-Aug.

However, after Aug volumes started to decline gradually on recovering domestic activities and the market buzz on the European Commission considering Vietnam for quarterly quotas in its review in Mar-Apr'22 amid a surge in imports from the latter.

China, Cambodia largest buyers

China and Cambodia imported heavily from Vietnam in CY'21, although export volumes witnessed a sharp decline of 26% and 20%, respectively in comparison with 2020.

China imported 2.67 mn t of steel in CY'21 versus 3.59 mn t in CY'20, while exports to Cambodia fell to 1.24 mn t from 1.55 mn t in CY'20.

Exports to the USA, Belgium, Italy and Taiwan rise

Steel exports to Belgium saw a significant rise of around 701% to 868,366 tonnes (t) in CY'21 as against 108,455 t in CY'20.

Exports to the US rose to 1.07 mn t in CY'21 from just 191,159 t in CY'20.

Exports to Taiwan and Italy stood at 672,868 t and 545,271 t, respectively, a increase of 130% and 451% y-o-y.