Vietnam steel exports reach $3.7 billion in H1 as ASEAN retains lead
Vietnam exported 5.55 million tonnes of steel worth $3.7 billion in the first half of 2026. ASEAN remained the largest destination, while shipments to Brazil, the United States and Turkey recorded strong growth.
Higher prices offset lower shipment volume
Vietnam exported 5.55 million tonnes of iron and steel in the first six months of 2026, generating revenue of $3.7 billion, according to the Industry and Trade Information Center under the Ministry of Industry and Trade, as reported by Dân Việt. Export volume declined 1.79% from the same period of 2025, but value increased 0.27% as the average export price rose 2.09% to $667 per tonne.
The figures indicate that pricing compensated for a modest contraction in physical shipments. For Vietnamese mills and traders, the result also reflects a widening geographical mix: stronger sales in several non-traditional destinations helped offset weaker demand in established markets, particularly the European Union.
ASEAN remains the anchor market
ASEAN retained its position as Vietnam’s largest steel market, taking 1.88 million tonnes valued at $1.15 billion. Shipments increased 7.58% by volume and 8.81% by value, and the region accounted for nearly 34% of Vietnam’s total steel export volume. Its scale makes neighboring Southeast Asian markets the principal outlet for Vietnamese producers despite faster percentage growth elsewhere.
The United States moved into third place after imports from Vietnam rose 35.14% by volume and 33.67% by value. In contrast, exports to the European Union fell 14.23% in volume and 19.88% in value. Dân Việt linked the decline to a slow recovery in consumption, stronger competition and trade-defense measures, all of which are increasing pressure on Vietnamese suppliers serving the bloc.
Brazil and Turkey drive diversification
Brazil imported 331,590 tonnes of Vietnamese steel, an increase of 232.25% by volume, while the value of those shipments rose by more than 320%. Deliveries to Turkey increased by more than 150% in volume. Russia remained a small destination, but shipments grew nearly 20-fold by volume and more than 33-fold by value compared with the first half of the previous year. These growth rates support Vietnam’s effort to reduce reliance on traditional buyers, although the smaller starting scale of some markets should be considered.
Domestic construction steel prices remained stable. Hòa Phát held CB240 and D10 CB300 at 15,120 dong per kilogram, while northern prices included 14,850 dong per kilogram for Việt Ý CB240 and 14,750 dong per kilogram for both Việt Đức products. In China, the August 2026 rebar contract on the Shanghai Futures Exchange gained 6 yuan to 3,085 yuan per tonne. August iron ore futures rose 2.5 yuan to 763 yuan per tonne on the Dalian Commodity Exchange, while the corresponding Singapore contract added $0.3 to $100.45 per tonne. Mysteel data cited by Dân Việt showed that Chinese domestic hot-rolled coil fell by about $26 per tonne between May 11 and July 14 as seasonal demand weakened, providing a cautious regional price backdrop for Vietnamese exporters.