News Room - Steel Industry

Posted on 07 Feb 2024

Vietnam becomes China's top steel export destination in 2023

In 2023, Vietnam surpassed South Korea to become China's top steel export destination for the first time, with imports rising by 69.5% year on year to 9.249 million tons; while Vietnam's total steel imports rose by only 14.1% year on year to 13.3 million tons, which marked a decrease of about 1 million tons in imports from other countries.

Due to weak domestic demand and high production costs, Vietnam's local steel mills generally reduce production. Crude steel production in Vietnam in January-November was about 17.3 million tons, down by 7% year on year; consumption was about 16.9 million tons, down by 2% year on year.

The above-combined increment was basically absorbed/balanced by exports, which amounted to 11.13 million tons in 2023, up by 32.6% year on year.

Source:Yieh