The Ministry of Industry and Trade has proposed the Government consider policies to tighten exports of steel products to stabilise the domestic market amid soaring steel prices in recent months.

Steel manufacturer Hoa Phat Group sold a total of 869,000 tonnes of steel in April, a surge of 65% compared to the same month last year.

The surge in prices of steel since the beginning of 2021 helped many steel producers record good performance in the first quarter.

The European Commission (EC) has announced the possible extension of safeguard measures applicable to imports of certain steel products, including some from Vietnam, according to the Trade Remedies Authority of Vietnam under the Ministry of Industry and Trade.

Steel exports in November surged 21.52% month on month and 40% year on year, reaching more than 478,300 tonnes, reported the Vietnam Steel Association (VSA).