MoIT’s direction on stabilising steel prices

The Ministry of Industry and Trade (MoIT) has asked cities and provinces to boost production and control the price of steel. 

Market management departments should deal with speculation and prevent trade fraud leading to State budget’s losses and negative effects on consumers.

The Vietnam Steel Association should help enterprises accelerate steel production projects and reduce steel imports while steel producers are not allowed to increase prices.

The Vietnam Steel Corporation should manage the delivery of steel delivery to facilitate a direct supply to end users and cut out the middle man. It should also make public the discount rate, steel quality and prices to ensure stable production.

According to the MoIT, retail steel prices in March rocketed by VND600,000 per tonne and 1.22 million tonnes of steel were used for construction in the first quarter.

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