Domestic steel prices to rise VND500,000/ton

The domestic wholesale prices of steel is likely to increase by VND500,000/ton to between VND14 billion-VND14.2 billion per ton in the coming time

The domestic wholesale prices of steel is likely to increase by VND500,000/ton to between VND14 billion-VND14.2 billion per ton in the coming time, the online newspaper VnEconomy reported on November 4,citing Nguyen Tien Nghi, Vice president of (VSA).

Nghi 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 firms had to pay more VND600,000/ton due to higher domestic dollar prices.

VSA predicted that the demand of construction steel is expected to increase 400,000 tons each month in the rest of year due to the coming peak of constructive season.

The steel stockpiles were around 270,000 tons until October 31. The steel firms are also preparing to store 450,000 tons.

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 online newspaper VnExpress reported, citing the said the Price Research Institute, Ministry of Industry and Trade. – Stoxplus.com

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