Vietnam's HRC Imports Increase By 26% in January-september

Vietnam's total SS400 HRC imports in January-September 2024 reached approximately 8.8 million tons, an increase of 26% y-o-y.
In September, Vietnam imported 1.2 million tons of hot rolled coil (HRC), an increase of 34% compared to August. This figure represents 220% of the country's domestic production of 568,000 tons. In January-September 2024, total HRC imports reached approximately 8.8 million tons, an increase of 26% y-o-y and accounting for 171% of domestic production.
Around 6.3 million tons of HRC, accounting for 72% of imports, came from China. This amount greatly exceeded the domestic consumption of local producers, which was only 5.1 million tons. The main reason for preferring Chinese HRC is that it offers prices that are 30-70 USD per ton lower than other markets, amid a surplus of steel in the country and a decline in domestic demand.