Domestic steel prices continue to rise VND300,000/ton

The southern branch of Vietnam Steel Corporation raised the whole sales prices of rolled steel and steel bars by VND300,000/ton to an average price of VND15.27 million/ton for factory orders

The southern branch of Vietnam Steel Corporation raised the whole sales prices of rolled steel and steel bars by VND300,000/ton to an average price of VND15.27 million/ton for factory orders, the online newspaper Nguoilaodong reported on November 15.

In details, the rolled steel was sold at between VND14.52 million-VND14.81million while the steel bas rose to between VND14.57 million-VND15.27 billion.

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 production cost of steel currently stands at $600 per ton, the local steel firms had to pay another VND600,000/ton of steel due to higher domestic dollar prices.

Therefore, if the domestic dollar prices stands at the current VND21,000, the steel price will continued to be raised by VND600,000/ton in the coming time, local steel firms said.

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 Price Research Institute, Ministry of Industry and Trade. – Stoxplus.com

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