According to statistics released by the General Department of Customs, Vietnamese iron and steel exports of all kinds in March reached nearly 1.1 million tonnes with a turnover of more than US$834.8 million, marking an increase of 10% in volume and a rise of 11.4% in value compared to the previous month.

The first quarter of the year saw local iron and steel exports earn close to US$2.4 billion with more than 3.23 million tonnes, up 42% in volume and 40.1% in value compared to the same period from last year.

Vietnamese iron and steel exports have prospered since the beginning of the year, showing positive signs for the steel industry in the year ahead.

In line with this, during the three-month period Italy was still the largest importer of iron and steel of all kinds from the nation, earning nearly US$ 299 million with 483 thousand tonnes, an increase of 80.4% in volume and an increase of 64.2% in value compared to the same period in 2023. Italy was trailed by the United States and Cambodian markets, with total export values in the first quarter standing at US$399.6 million and US$182.8 million, respectively.

Most notably, iron and steel exports to many markets witnessed sudden growth, including Singapore.

Specifically, in March the country’s iron and steel exports to Singapore reached 42,190 tonnes with a turnover of more than US$23 million.

Accumulated in three months, exports of iron and steel of all kinds to this market hit 81,227 tonnes, worth more than US$44.6 million, more than 18,790% in volume and 6,457% in value.

According to the Vietnam Steel Association (VSA), steel consumption this year is projected to soar by 6.4% to reach nearly 21.6 million tonnes. Among them, exports of finished and semi-finished steel products are forecast to increase by 12% to nearly 13 million tonnes.

Source: VOV