Vietnam Asks Steel Industry to Limit Exports

Vietnam is asking its steelmakers to increase production and limit exports to combat rising steel import prices, which have reached a 13-year high of $1,000 per ton, Nikkei Asia reported May 18. The main cause for the price spike has been China, the report said, which “commands the majority of global steel production.” Vietnam exported nearly 10 million tons of steel last year, the report said, “and the question remains whether the government interference will help keep a substantial portion of that volume within its borders.”