Vietnam exported more than 6.7 million tonnes of steel during the 10-month period, representing a rise of 26.1% year on year, according to the Vietnam Steel Association (VSA).

The strongest export growth of 201% was recorded in hot rolled steel products (HRC), followed by galvanized steel and steel pipes with respective rises of 2.8% and 17%.

The nation’s 10 largest steel export markets this year include Italy, Cambodia, the United States, India, Malaysia, Indonesia, Belgium, Spain, Taiwan (China), and Thailand.

Within the EU, Italy becomes the largest importer of Vietnamese steel products with more than 1.35 million tonnes, representing an increase of 128%.

According to the European Steel Association (EUROFER), Vietnam accounts for 8.1% of the total amount of finished steel imported into Europe over the past eight months of the year.

While the EU’s imports of finished steel from Turkey, China, and India decreased sharply by 59%, 11%, and 3%, respectively, imports from Vietnam edged up 15%.

Most notably, India rose to become Vietnam’s fourth largest steel export market during the 10-month period, purchasing more than 730,000 tonnes worth over US$539.7 million, marking a 16-fold rise in output and an increase of 7.8 times in value year on year.

According to the World Steel Association (Worldsteel), global steel demand is projected to increase by 1.8% this year before rising to 1.9% next year.

VOV