HOUSELINKGlobal #3: Steel price continues to be the hot news in the Construction Materials and Import-Export market last week

HOUSELINKGlobal will focus on Vietnam and the world steel market in the context of global steel prices rising recently.

The Ministry of Industry and Trade responded to the question of enterprises about the steel price range

Facing a sharp increase in steel prices, negatively affecting the domestic construction and investment market, the Ministry of Industry and Trade officially gave an answer last week. The ministry said that the steel price increased due to many reasons, including the price of raw materials of the steel industry in the world. In recent times, the price of raw materials for steel production has surged in the global market, along with the complicated development of the Covid-19 epidemic, and the longer than expected delivery time is the cause of the price steel rose sharply.

Not only Vietnam, the world steel market is also experiencing a price fever

World steel price continues to rise sharply around the world, from Asia to North America, as iron ore prices are constantly breaking their own high records as investors and consumers bet the economy. Global recovery will continue to push steel prices up even more strongly.

Sectors such as manufacturing and construction are growing strongly as governments have committed to investing heavily in infrastructure in line with the roadmap to boost economic growth again after the Covid-19 pandemic.

Steel mill orders are full as buyers attempt to buy steel after a year of moderate production and vacant capacity. Meanwhile, the world’s top iron ore mines have been affected by operational issues and have yet to fully recover from the supply shock two years ago.

In the context of Covid-19, Vietnam’s export and import remained the highest growth rate in 10 years

According to information from the Ministry of Industry and Trade, although the Covid-19 pandemic is still complicated in many countries around the world, Vietnam’s import-export activities in the first four months of 2021 still recorded a high growth momentum compared with the same period in 2020 andthe highest growth rate in the past 10 years.

Specifically, the total export and import turnover in the first four months of this year was estimated at 206.51 billion USD, up 29.5% over the same period last year, of which exports reached 103.9 billion USD, up 28.3%; import reached 102.6 billion USD, up 30.8%. The balance of trade in goods in the first four months of the year was estimated to have a trade surplus of US $ 1.29 billion: phones and components; electronics, computers and components; machinery, equipment, tools and spare parts; textiles; Footwear; wood and wood products; means of transport and spare parts; iron and Steel; Seafood.

In the coming time, the Ministry of Industry and Trade will continue to strengthen activities to support businesses in terms of markets, reform administrative procedures related to import and export, remove difficulties in input, support information  and promote the organization of online trade promotion activities to promote the export of goods.

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