Domestic steel prices rise VND300,000/ton

The domestic steel prices increased by VND300,000/ton due to the dollar prices hike against the Vietnamese dong and higher domestic consumption

The domestic steel prices increased by VND300,000/ton due to the dollar prices hike against the Vietnamese dong and higher domestic consumption, the online newspaper VnExpress reported on October 25, citing the said the Price Research Institute, Ministry of Industry and Trade.

In the local forex market, dollar bid and ask prices at gold shops were quoted at VND20,130 and VND20,200, respectively. Vietcombank’s dollar bid and ask were unchanged at VND19,490 and VND19,500, respectively.

Nguyen Tien Nghi, Vice president of Vietnam Steel Association(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.

Earlier, Nghi also said that the local demand of steel is estimated to increase to 350,000 tons in the second half of October compared with 283,000 tons in September.

The institute said that the demand of construction steel is expected to surge in the rest of year due to the coming constructive season. – Stoxplus

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