Steel exports and domestic consumption grew by 40 percent and 68 percent in the first four months of 2021.

Exports hit 2.1 million tons and local sales, 9.84 million tons, according to data from the Vietnam Steel Association (VSA).

Photo by hoaphat.com.vn

Steel production rose 38 percent year-on-year to 10.48 million tons, enough to fully meet demand, but prices still surged 40-50 percent, which the Ministry of Construction said was “unusual.”

The Ministry of Industry and Trade blamed the price rise on costlier imports of iron ore and raw steel after global prices saw double-digit growth since April.

According to VSA data, ore prices hit $189.9 per ton at the beginning of May, up 12 percent from early April, while hot-rolled coil prices jumped 16 percent to $925per ton.

VSA expects steel prices to continue rising this month due to the surging input prices.

The Ministry of Industry and Trade said it would recommend that the government should temporarily limit the exports of products that are in high demand in the country to keep prices steady and increase steel production.

By Anh Minh_VnExpress.