Vietnam’s steel exports in May stood at 979,927mt, a surge of 129pc from May 2020, but declined by 4pc from the preceding month, according to the customs data.
Exports to China in May were up by 104pc to 185,207mt from the prior-year period, but registered a decline of 42pc from April. Prices in China’s steel markets were firm in April and May 2021. Iron ore prices were also on an uptrend on worries over supply disruptions in Brazil and Australia. Cambodia emerged as the second largest importer of steel from Vietnam in the month with 111,150mt, up by 5pc from April but a decline of 14pc from May 2020.
Since the beginning of the year, steel prices in Vietnam increased by 40-50pc, impacting the construction sector. Many contractors were even forced to turn down contracts amid bullish raw material prices, according to local media reports. Demand for steel in the domestic market, therefore, came under pressure. In the first five months, the country exported 4.63mn mt of steel, up by 64.48pc from Jan-May 2020. The country’s ferrous scrap imports in the Jan-May period stood at 2.51mn mt.