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
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