Domestic wholesale steel prices rise VND300,000/ton

The wholesale prices of rolled steel and steel bars increased for the second time this month by between VND150,000-VND300,000/ton to VND13.4 million-VND14 million/ton for factory orders.

The wholesale prices of rolled steel and steel bars increased for the second time this month by between VND150,000-VND300,000/ton to VND13.4 million-VND14 million/ton for factory orders due to higher VND/USD exchange rate, the online newspaper VnExpress reported on November 29, 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 local steel firms had to pay another VND600,000/ton of steel due to higher domestic dollar prices.

Earlier, on November 15 , local steel firms said that 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 market, the retail steel was sold at between VND16.5 million/ton-VND16.7 million/ton. – Stoxplus.com

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