Vietnam Steel Market in 2025 – Domestic Demand as the Key Driver
• Clear divergence in consumption volumes: Construction steel and HRC recorded strong growth thanks to robust domestic demand (HRC sales of HPG alone surged 64% YoY), in contrast to a sharp 20% YoY decline in the coated steel segment due to the combined impact of floods and trade defense measures.• Selling prices have yet to find a recovery catalyst: HRC prices remained at a bottom range of USD 475/ton (-6% YTD) amid a significant supply–demand imbalance and pressure from imported products, forcing major producers (HPG, Formosa) to continue cutting prices in Q4.
• Looking ahead to 2026, supported by a recovery in construction demand driven by real estate growth and accelerated public investment, we believe the steel industry may benefit in the coming period.
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