Ministry asks steel firms to cut costs

The Ministry of Finance has asked the Viet Nam Steel Corp (VinaSteel) and Vinakyoei to cut production costs to stabilise steel prices and curb inflation.

In a document sent to the two steel companies this week, the ministry’s Price Management Department asked them to postpone hikes proposed last December.

In their price registration documents sent to the department, VinaSteel and Vinakyoei said they were encountering higher prices of materials, fuels and labour costs.

The department said the two companies had increased prices in November.

However, the prices of materials, fuels and labour costs for steel production had been stable, according to the department.

The price of steel ingots on the world market in December was not higher than the previous month, and fuel prices had stablised since August last year.

In addition, electricity prices and workers’ salaries had remained stable in December. — VNS

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