Local wholesale steel prices fall VND150,000/Ton

The southern branch of Vietnam Steel Corporation cut the whole sales prices of rolled steel and steel bars by VND150,000/ton from September 20 to an average price of VND15.6 million/ton at steel factories

The southern branch of Vietnam Steel Corporation cut the whole sales prices of rolled steel and steel bars by VND150,000/ton from September 20 to an average price of VND15.6 million/ton at steel factories, the online newspaper Tuoitre reported on September 21.

This is the first time the steel prices have decreased since July, following a recent downtrend of the world steel prices.

Nguyen Tien Nghi, Vice president of Vietnam Steel Association(VSA) said that the local steel firms managed to keep prices unchanged in the beginning of September, though they discounted more for agencies as the price of the world steel bullet fell to $600/ton, from $600-$630/ton in August and scrap steel dropped to $400-$450/ton.

Nghi also said that the local firms currently have to import between 40%-45% steel bullet, 70%-80% scrap steel, indicating that the prices of domestic construction steel will be closely affected by changes in the world steel prices.

In an opposite movement, the market retail prices of steel increased by VND50,000 to between VND15.65 million- VND 15.75 million per ton. – Stoxplus.com

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

Posted by VBN on Sep 21 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