[Ferro-alloys.com] According to the "Vietnam Economic Journal" report, since the beginning of this year, the price of steel products in Vietnam has continued to rise, mainly because the import prices of raw materials such as iron ore, scrap steel and steel billets have risen too fast. According to data from the Vietnam Iron and Steel Association, at the beginning of March this year, the CFR price of iron ore at Tianjin Port in China exceeded US$170/ton, which was 55% higher than in December last year, and further rose to US$210/ton in May this year. Zhang Qinghuai, director of the Industrial Bureau of the Ministry of Industry and Trade of Vietnam, said that raw materials for steel production in Vietnam, such as iron ore, scrap steel, coke, and graphite electrodes, all need to be imported. This year, we need to import more than 18 million tons of iron ore, 6.5 million tons of scrap steel, and 6.5 million tons of coke. The cost of steel production largely depends on the prices of raw materials in the international market.

Nguyen Hongyan, Minister of Industry and Trade of Vietnam, said that at present, Vietnam's steel production can only meet the domestic demand for construction steel, and steel products for manufacturing, processing, mechanical equipment, and supporting industries still rely on imports. Take manufacturing steel as an example. The Taiwanese-invested Formosa Plastics Ha Tinh Iron and Steel Plant has an annual output of about 3.5 million to 4.5 million tons, and Vietnam’s largest private steel company Hefa Group has an annual output of about 600,000 tons. The gap is still large. Need to import more than 10 million tons.

The General Administration of Statistics of Vietnam believes that China has contained the new crown epidemic and is taking measures to stimulate economic growth, such as the implementation of the 14th Five-Year Plan for National Economic and Social Development and the Infrastructure Construction Plan. The demand for steel is large, pushing up the international market for steel. Raw material prices.

• [Editor:zhaozihao]