News
13/01/26
Vietnam's ferrous scrap imports rise in 2025
Vietnam's ferrous scrap imports rise in 2025
Shanghai, 13 January (Argus) — Vietnam's ferrous scrap imports surged to a more
than four-year high in December, supported by active year-end restocking demand.
The country imported 684,000t of ferrous scrap in December, up by 59pc from
November and by 14pc year on year, Vietnam Customs data show. Scrap imports
totalled 6.25mn t in 2025, marking a 27pc increase from 2024 and only slightly
below the levels recorded in 2020-21. Japanese material continued to dominate
Vietnam's scrap imports, accounting for more than half of total arrivals.
Vietnamese mills imported 3.3mn t of scrap from Japan in 2025, up by 26pc from
the previous year. Japanese sellers are expected to continue prioritising the
Vietnamese market, supported by the country's expanding steelmaking capacity and
construction demand. Imports from the US rose sharply on the year, increasing by
56pc to 788,000t. The growth was partly driven by a low base in the previous
year, as well as mid-year buying of deep-sea bulk scrap by some Vietnamese
mills. Demand for containerised US scrap also increased, given that smaller
mills favoured flexible, smaller-lot cargoes to bridge gaps in domestic supply.
Scrap imports from Singapore tripled on the year to 239,000t, reflecting
Vietnamese mills' efforts to diversify supply sources in order to manage
purchasing costs and ensure supply stability. Hong Kong was the only major
supplier to record a year-on-year decline in 2025, with imports falling by 33pc
on the year to 374,000t. Ferrous scrap exports from Hong Kong retreated during
the year, as exporters diverted more volumes to Bangladesh and India, where
prices were more workable. Vietnamese mills' scrap consumption is expected to
grow further in 2026. Vietnam's economy maintained strong momentum in 2025
despite pressure from US tariffs, with GDP expanding by 8pc. Continued
government investment in infrastructure and public housing, rising industrial
activity, and sustained inflows of foreign investment will provide further
support for steel production and scrap demand in 2026. Vietnam ferrous scrap
imports t Dec '25 m-o-m ± % y-o-y ± % Jan-Dec '25 y-o-y ± % Japan 327,892 61
-8.5 3,295,631 26.3 US 98,725 139.5 109.4 788,146 55.6 Australia 64,942 140.5
96.3 369,525 8.7 Hong Kong 46,470 158.1 13.3 374,373 -32.7 Others 145,825 4.2 19
1,426,781 52.9 Total 683,854 59.1 13.6 6,254,456 26.5 Source: Vietnam Customs
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