Vietnam firms continuously raise steel prices in August

Vietnam Steel Corporation (Vnsteel) and Pomina Steel Co. Ltd. or Pomina (POM) have announced new price hikes on their steel products on August 26.

The consecutive increases in steel prices were attributed to the growing prices of steel ingot and scraps in the world market and the recent devaluation of Vietnamese dong versus U.S. dollar.

Vnsteel increased its prices between VND150,000 (US$7.69) and VND400,000 (US$20.51) per ton for rolled steel and steel bars, raising its ex-work prices to VND15.36 million and VND15.42 million per ton.

Pomina also raised its prices by VND330,000 (US$16.92) per ton for rolled steel and VND495,000 (US$25.38) for steel bars, lifting the company’s ex-work prices to VND15.1 million and VND15.2 million per ton.

This is the fifth consecutive time POM has increased its steel prices since early August.

Vice Chairman of the Vietnam Steel Association Nguyen Tien Nghi, however, forecast earlier that steel prices in Vietnam will be stable in August due to the low consumption during the rainy season and the rising inflow of steel imports.

The country’s steel sales are estimated to fall to between 350,000-400,000 tons in August.

Vietnam has spent US$3.705 billion on importing 5.328 million tons of steel and iron bet

Tags: Vietnam steel industry, Vietnam steel prices