Nearly 450,000 tonnes of steel inventory till end of May

Till the end of May, Vietnam’s construction steel inventory was nearly 450,000 tonnes and about 500,000 tonnes of steel billets in stock, the Ministry of Industry and Trade (MoIT) reported.

The huge inventory of steel was attributed to the government’s policy of cutting down public investments and suspending many construction projects.

The steel price in the domestic market also decreased due to the impacts of steel billet price and scrap steel in the world market. Currently, the building steel price at manufactories is ranging around 15.6-16.2 million dong per tone (excluding VAT-value added tax).

The ministry forecasts the steel price in the domestic market will be stable in the near future. – Tuoitre

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

Posted by VBN on Jun 2 2011. Filed under Steel. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry