Domestic steel prices likely to continue uptrend momentum

Domestic steel prices are likely to continue increasing in the coming time due to higher world prices of steel material

Domestic steel prices are likely to continue increasing in the coming time due to higher world prices of steel material, the state-run Thanhnien reported on March 14, citing the Vietnam Steel Association (VSA).

Meanwhile, the Tsunami has recently damaged Japan, biggest steel exporter in the Southern Asia, resulting in a shortage of steel supply in the coming time.

The wholesale prices of domestic steel currently stand at between VND18.5-19 million/ton in the South of Vietnam and VND500,000-VND700,000/ton lower in the North after domestic firms raised prices of around VND500,000/ton due to the 8.5% devaluation of domestic currency.

Domestic steel consumption is estimated to reach 450,000 tons in January, increasing 30,000 tons from December 2010, VSA said.

It is predicted to reach 11.7 billion tons this year, increasing 8% from 2010, the online newspaper, Dinh Duy Tam, General Secretary of VSA forecast. – Stoxplus

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