The main reason for the high steel prices in Vietnam is that raw material import prices have risen too fast

The Ministry of Industry and Trade (MoIT) has denied rumours that it proposed the establishment of a State stabilisation fund to cope with the sudden increase in steel prices that has impacted many businesses.

Vietnam’s largest steelmaker, the Hoa Phat Group, sold a total of 3.7 million tonnes of steel products in the first five months of this year, up nearly 70 percent against the same period last year.

PTI reported that Indian engineering goods exporters in the MSME segment have sought Prime Minister Mr Narendra Modi’s intervention on rising steel prices, stating that the industry needs the alloy.

Rescue teams are pumping out water from a coal mine at Umpleng in East Jaintia Hills of Meghalaya where at least five miners have remained trapped since May 30 following a dynamite blast and are feared dead.

Local media reported that an accident at a small-scale coal mine project in a northern Mexico border state left seven miners trapped on Friday.

Russian steel makers and Gas & Oil giants have signed several agreements to implement green steel making at XXIV St Petersburg International Economic Forum last week.

It is likely that Vietnam will have to reduce renewable energy sources in the next five years.