VOV.VN - Vietnam’s steel exports saw a sharp decline in value in the first six months of 2025, mainly due to weakened demand and falling steel prices globally.

Despite sluggish performance driven by a fall in steel prices, experts are optimistic about the steel industry’s recovery in 2024 as the Government's policies and the revised Land Law are put in place to support the realty market and the construction industry.

Although the demand for building steel rose by more than 26% in May compared to the previous month, steel prices decreased for the 10th month, and steelmakers expected the struggle to continue.

The price of construction steel is on the rise despite the fact that the demand for this type of construction material remains weak, insiders have said.

Over-reliance on input material imports, small production value and outdated technology were among the major weaknesses of Vietnam's steel industry, said a recent report by the Ministry of Industry and Trade.

Steel prices have hit a new high after a series of rapid increases from May through June 2021 when they increased by more than 50% compared to the beginning of the year.

Although local iron and steel prices have dropped, they are still at high rates, up 1.7 times compared to the end of 2020, causing investors and construction contractors to suffer.

VOV.VN - The price of steel has continued to drop by VND300,000 per tonne, marking the third significant fall after reaching a highs back in late 2020.

The Ministry of Industry and Trade (MoIT) has denied rumours that it proposed the establishment of a State stabilisation fund to cope with the sudden increase in steel prices that has impacted many businesses.

VOV.VN - Ensuring the balance of supply and demand in the local market following steel prices enduring a recent sharp rise of between 40% and 50% compared to last year should be made a priority, according to the Ministry of Finance.