The Vietnam Steel Association has stated that Vietnam’s Ministry of Industry and Trade (MOIT) has denied rumors of a proposal for establishing a price stabilization fund to tackle the steel price hikes impacting many sectors, at a press conference held at government offices.
The country’s deputy minister of industry and trade Do Thang Hai said that from the beginning of this year raw material prices have risen, leading to a sudden increase in steel prices.
Last month, Le Minh Khai, deputy prime minister, requested a report on the situation regarding steel prices from the MOIT in cooperation with leading steel manufacturing and trading companies such as Vietnam Steel Corporation and Hoa Phat Group.
At the beginning of this month, the deputy minister said the MOIT will conduct research, implement the construction of technical barriers and quality standards, create a healthy competitive environment, as well as implement trade remedies for steel products in accordance with trade regulations and international laws.
Meanwhile, the ministry will continue to monitor and consider handling possible dumping of some steel products imported into Vietnam as well as deal with antidumping lawsuits of other countries against Vietnamese steel exports, as SteelOrbis understands. The deputy minister said that market management teams will focus on the steel market to prevent and handle the phenomenon of speculation to increase steel prices and manipulate steel prices in the market.
