After a volatile period of the world steel market, Vietnam’s iron and steel exports in the first months of 2026 are showing remarkable signs of prosperity. Despite still facing fierce competitive pressure, trade barriers and uneven recovery in consumption demand across regions, Vietnam’s iron and steel exports industry still maintains its growth momentum in both output and export turnover.
Exports exceeded 2.5 billion USD after 4 months
According to the latest data from the statistics agency, in the first 4 months of 2026, Vietnam exported about 3.94 million tons of iron and steel, earning 2.57 billion USD, up 2.65% in volume and nearly 3% in value respectively over the same period last year.
This strong performance in Vietnam’s iron and steel exports showcases the resilience of the industry amidst global challenges.
The most notable point lies in the recovery trend of export steel selling prices after many quarters of decline, significantly benefiting Vietnam’s iron and steel exports. In April 2026 alone, the average export steel price rose to $706 per ton — the highest level since the beginning of the year, up more than 4% from the previous month and nearly 9% over the same period in 2025.
This development shows that the global steel market is gradually establishing a new price level after a long period of oversupply. Although export volumes in April decreased slightly, improved selling prices helped export turnover continue to grow.
Chart: Vietnam’s steel exports to some major markets in the first quarter of 2026
ASEAN continues to be the “pedestal” of Vietnamese steel
The significance of Vietnam’s iron and steel exports in the ASEAN market cannot be overstated as it continues to thrive.
The ASEAN region continues to play the role of the largest consumer market for Vietnam’s iron and steel exports in the first quarter of 2026, accounting for more than 37% of total exports.
Exports to this region reached nearly 1.1 million tons, with a value of more than 632 million USD, a sharp increase over the same period last year. In particular, the Philippine market recorded a sudden growth, reflecting that the demand for construction and infrastructure investment in this country is recovering strongly.
In addition, markets such as Indonesia and Malaysia also maintained high growth rates, continuing to create important room for Vietnamese steel enterprises to expand their market share in the region.
In the context of many major markets applying increasingly tight trade remedies, ASEAN is becoming a strategic region thanks to the advantages of geographical distance, competitive logistics costs and stable consumption demand.
The ASEAN region continues to play the role of the largest consumer market for Vietnamese steel in the first quarter of 2026
The US keeps the growth momentum, the EU continues to shrink
This demonstrates the critical role that Vietnam’s iron and steel exports play in the regional economy.
The United States is currently Vietnam’s second-largest steel export market. In the first quarter of 2026, steel exports to this market increased by more than 32% over the same period last year.
However, the average export price to the US has decreased significantly due to competitive pressure on prices and increasing technical requirements. However, maintaining growth in this market is still considered a positive signal, showing that the competitiveness of Vietnamese steel enterprises is gradually improving.
In contrast to the US, the European Union market continues to record a downward trend. Steel demand in Europe remains low due to the slow recovery of industrial production, while regulations on carbon emissions and increasingly stringent technical standards make it more difficult for Vietnamese businesses to maintain exports.
Expansion into South Asia and the Middle East
One of the notable bright spots of Vietnam’s steel industry in early 2026 is the trend of diversifying export markets.
India has emerged as a potential market with a very high growth rate in both output and value. In particular, this is also the market that recorded the highest export price of Vietnamese steel, reflecting great room for high value-added steel products.
Similarly, the Turkish market also recorded impressive growth, indicating that the trend of shifting trade of Vietnam’s iron and steel exports to the Middle East and South Asia is taking place more clearly.
Expanding into new markets is considered a necessary strategy in the context of increasingly fierce global competition and traditional markets gradually narrowing the room for growth.
Challenges still exist
The challenges facing Vietnam’s iron and steel exports are significant but not insurmountable.
Despite recording many positive signals, Vietnam’s steel exports in 2026 still face many challenges.
Cheap steel supplies from China continue to put great pressure on the regional market. In addition, the trend of increasing trade remedies, environmental standards and traceability requirements in major markets is forcing Vietnamese enterprises to invest more heavily in production technology, quality control and long-term market strategies.
Experts say that the prospect of steel exports in the rest of 2026 will depend greatly on the recovery rate of the world economy, the price of input materials and the ability of businesses to adapt to changes in global trade.
Overall, the success of Vietnam’s iron and steel exports will heavily rely on market dynamics and adaptability.
However, with the recovery of selling prices, new market expansion strategies and improving production capacity, Vietnam’s steel industry is still expected to maintain its position as one of the key industrial export industries in 2026.
As a result, Vietnam’s iron and steel exports are still expected to maintain their position as one of the key industrial export industries in 2026.
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