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.

Local construction firms face the risk of bankruptcy as the price of steel has soared 40% recently.

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).