India and Italy lead in Vietnam's hot rolled coil exports

According to customs data, Italy and India emerged as the top two importers of hot-rolled coils (HRC) from Vietnam in 2023.

Italy, in particular, maintained its lead by importing 1.1 million tons of hot-rolled steel from Vietnam last year, with an additional 80,470 tons in December alone. India followed as the second-largest importer of HRC from Vietnam in 2023, with a total import volume of 694,000 tons.

While India has consistently held the position of Vietnam's largest HRC importer in recent months, there was a significant decline in import volume in December, dropping by over 85% to 20,000 tons. Sources attribute this decrease to the anticipated decline in domestic demand for hot-rolled steel in India, coinciding with the uncertainties associated with the upcoming general elections.

Malaysia and Indonesia stand out as two countries that consistently import HRC from Vietnam, securing their positions among the top importers each month. In 2023, Malaysia and Indonesia imported 464,874 tons and 394,786 tons of HRC, respectively.

Mexico, representing the Americas, found a place among the top 10 HRC importers with an import volume of 157,322 tons. Among other European countries, Spain, Portugal, and Belgium also made it to the list.