Domestic steel prices sharply rise VND400,000/ton

Vietnam Steel Corporation (VNSteel) raise the wholesale prices of both steel bar and rolled steel by VND400,000/ton to VND16,467 million/ton for rolled steel and VND16,797 million/ton for steel bar

Vietnam Steel Corporation (VNSteel) raise the wholesale prices of both steel bar and rolled steel by VND400,000/ton to VND16,467 million/ton for rolled steel and VND16,797 million/ton for steel bar , the online newspaper DanViet reported on February 11.

The retail steel increased by VND500,000 from December 2010 to between VND16 million/ton-VND16.5 million/ton in the Northern market and to between VND15.8 million-VND16.2 million in the Southern market.

Meanwhile, the world prices of steel billet sharply rose to between $650-$660/ton, up $50/ton from December 2010. The production cost of steel rose to VND16 million per ton, Nguyen Tien Nghi, President of the Vietnam Steel Association said

The steel sector has to face with many difficulties in 2011 including low-price steel imported from China and ASEAN countries, shortage of electricity. Especially, the domestic firms will have to deal with problem of higher domestic dollar prices as this morning, Vietnam’s central bank devalued the dong by 9.3%, dropping the official reference rate to 20,693 dong per dollar from 18,932, VSA said.

The steel consumption is estimated to reach 340,000 tons in the first month of this year, VSA also said- Stoxplus.com

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