Domestic retail steel prices rise VND300,000/ton

The retail prices of steel increased by VND300,000/ton to between VND16.5 million/ton-VND16.7 million/ton, the online newspaper Tuoitre reported on November 26.

Domestic steel consumption is estimated to reach 480,000 tons in November, compared with 440,000 tons in October. It is likely to rise to 5.4 million tons this year, up 17% from 2009 Nguyen Tien Nghi, Vice president of (VSA) said.

Nghi also said that the local firms still have to import between 40%-45% steel billet, 70%-80% scrap steel. Therefore, once the world prices of steel or dollar prices change it will affect the domestic prices.

The production cost of steel currently stands at $600 per ton, the local steel firms had to pay another VND600,000/ton of steel due to higher domestic dollar prices.

Therefore, if the domestic dollar prices stands at the current VND21,000, the steel price will continued to be raised by VND600,000/ton in the coming time, local steel firms said.

Earlier, on November 16, the domestic steel prices increased by VND300,000/ton for factory orders. – Stoxplus.com

Tags: Vietnam steel industry, Vietnam steel market, Vietnam steel prices

Posted by VBN on Nov 26 2010. Filed under Steel. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry