Vietnam takes action to control steel price

Recently, the steel price in Vietnam market has risen. The Ministry of Industry and Trade, the Ministry of Construction and other ministries and commissions of Vietnam have taken measures to control steel price.

According to the data of Vietnam Steel Association (VSA), in the first four months, member enterprises produced about 10.5 million tons of finished steel products, a year-on-year increase of 38.3%. Among them, construction steel, which accounted for the largest proportion, increased by 11.4% year-on-year to 3.7 million tons. The output of hot rolled coil (HRC) is nearly 2.3 million tons, with a year-on-year increase of 111%. Cold rolled steel and galvanized steel reached 1.8 million tons and 1.9 million tons respectively, a year-on-year increase of more than 40%. The output of steel pipe is nearly 820000 tons, an increase of 30%.

It is estimated that Vietnam's economic growth will exceed 6% in 2021, and the annual steel demand will reach 27 million tons.

Recently, the steel price in Vietnam has increased significantly. The Ministry of Industry and Trade of Vietnam issued document No. 2612 / BCT-CN to Vietnam Iron and Steel Association and iron and steel enterprises, requiring enterprises to control production costs and reduce the price of finished products; Expand production capacity to meet domestic demand and restrict domestic steel exports. At the same time, the dealers should be reviewed to avoid hoarding and price raising.