Domestic steel prices to Rise VND300,000/Ton next week

The domestic wholesale prices of steel is planned to increase by VND300,000/ton to between VND13.8 billion-VND14 billion per ton in the next week

The domestic wholesale prices of steel is planned to increase by VND300,000/ton to between VND13.8 billion-VND14 billion per ton in the next week, Do Duy Thai, General Director of Vietnam Steel Corporation, told the Thoibaokinhtesaigon on October 10.

Dinh Huy Nam, Secretary- General of Vietnam Steel Association (VSA) said that the production cost o of steel currently stands at $650 per ton.

Nguyen Tien Nghi, Vice president of (VSA) 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 institute predicted that the demand of construction steel is expected to surge in the rest of year due to the coming constructive season.

Earlier, on October 25, the domestic steel prices increased by VND300,000/ton due to the dollar prices hike against the Vietnamese dong and higher domestic consumption, the online newspaper VnExpress reported, citing the said the Price Research Institute, Ministry of Industry and Trade. – Stoxplus.com

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