Imported Steel Surges into the Ten-Billion-Dollar Group

According to the latest data from the General Department of Customs, transport companies reported remarkable growth in steel import services during October 2024. Freight operations handled 2.41 million tons with a total turnover of USD 1.51 billion, a sharp increase of 55.9% in volume and 41.7% in value compared to the previous month. These results reflect the robust recovery of international shipping services in the steel industry.

Steel has been one of the most rapidly growing import commodities over the past 10 months.

For the first 10 months of the year, businesses in the import-export sector successfully transported 14.71 million tons of steel, amounting to a turnover of USD 10.48 billion. This strong growth—38.2% in volume and 23.2% in value compared to the same period in 2023—has made steel one of four import groups surpassing the USD 10 billion mark, alongside computers, machinery, and fabrics. Forwarding companies have played a vital role in maintaining stable supply chains for the steel sector.

Sea freight services from Asia continued to dominate steel import activities. Notably, transport companies focused on three main markets: China, Japan, and South Korea, which accounted for 87.76% of total imports, equivalent to 12.91 million tons. Among these, shipments from China reached 10.16 million tons with a turnover of USD 6.37 billion, marking significant increases of 58.9% in volume and 43.2% in value.

Logistics firms optimized transportation services for Japan and South Korea, achieving container transport volumes of 1.7 million tons (up 4.6%) and 1.05 million tons (up 15.3%) respectively. Competitive sea freight rates and low-cost shipping services have played a key role in maintaining and expanding trade relationships with these partners.

To meet the growing demand, transport companies need to continue investing in both domestic and international container shipping while improving the quality of import-export services. Expanding partnership networks and optimizing transportation costs will be crucial factors in helping businesses maintain their competitiveness in the coming period.