Stockpiled steel amounts to nearly 1 million tons
The volume of stockpiled steel, including construction steel and steel ingots, has amounted to nearly one million tons due to slow sales of construction steel in May, said the Ministry of Industry and Trade.
The ministry said in a report on Monday that steel producers in the country are still having of 450,000 tons of construction steel and nearly 500,000 tons of ingots in their storehouses.
Sales of steel products have been slowing down over the past several months, falling to 400,000 tons in May compared to 420,000 tons in April, said Pham Chi Cuong, chairman of the Vietnam Steel Association.
The ministry explained that consumption was low due to the Government’s policy to scale down public investment projects nationwide, and many large construction projects have either been suspended or delayed.
At the moment, the factory price of construction steel is fluctuating between VND15.6 and VND16.2 million per ton.
The ministry predicted that the price of construction steel will not have any sudden change in the coming time even if the price of imported materials surge between now and the end of this year because of the ample stockpile. – SGT
Tags: Vietnam steel industry, Vietnam steel market, Vietnam steel prices