Steel enterprises have boosted exports while facing difficulties in domestic consumption due to the COVID-19 outbreak, according to the Vietnam Steel Association (VSA).

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.

Iron and steel exports to the European Union (EU) reached 713,000 tonnes in the first five months of this year, up five times year-on-year, reported the General Department of Customs.

Vietnam’s steel sector has witnessed strong development in terms of capacity, output, and products in the recent past.

Vietnam’s steel sector has witnessed strong development in terms of capacity, output, and products in the recent past.

Vietnamese exporters in the steel and mechanic sectors expect to get easier access to the UK market following the signing of the UK-Vietnam Free Trade Agreement (UKVFTA) last month.

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).

The production and consumption of building materials started resuming at the end of the third quarter this year as lots of construction works were speeding towards completion, however, local producers have been warned to watch the market to avoid a possible surplus.