Viet Nam exported about 1.5 million tonnes of steel during the first 10 months of the year, which is almost twice as much steel that was exported during the same period last year, reported the Ministry of Industry and Trade.
Steel manufacturers increased their production capacity and upped investments this year.
Manufacturers invested in upgrading their infrastructure and exported steel to new markets in Brazil, the US, Japan and Cambodia.
Consumption in the domestic market during the final days of October surged. Analysts estimate that about 390,000 tonnes would be purchased domestically, which is more than 100,000 tonnes over figures from September.
The price of steel also increased by VND100,000 per tonne against the last week of October to VND13.2 million (US$670) per tonne.
The price of steel ingots on the world market increased slightly, said Dinh Huy Tam, general secretary of the Viet Nam Steel Association (VSA).
The depreciation of the Vietnamese dong directly affected steel prices because raw materials used to create the commodity were imported, said Tam.
Production expenses, including the price of electricity, coal and petrol, increased in October. Tam predicted that steel prices would continue to increase for the remainder of the year.
The VSA also affirmed that there were no steel shortages on the domestic market. Steel manufacturers nationwide have stocked about 270,000 tonnes of steel.