Vietnam Steel Makers Likely to Lose Domestic Market

Local steel markers are likely to lose their domestic market share on the flood of imported products, said Nguyen Tien Nghi, vice chairman of the Vietnam Steel Association.

The country has imported 222,000 tons of rolled steel so far this year, up 124% from a year earlier, Nghi said, adding that imported steel has been selling better than domestically-made products for lower prices.

Prices of a ton of imported steel is between VND500,000 and VND700,000 lower than domestic products.

Meanwhile, Vietnamese steel makers have increased their ex-work prices by VND500,000-VND1 million to VND12.2 million and VND12.8 million, the vice chairman added.

The VSA had forecast that domestic steel consumption will be between 360,000 and 390,000 tons in July, rising from 355,000 tons a month earlier. -VCCI

Tags: Vietnam steel industry, Vietnam steel market

Posted by VBN on Jul 30 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