Vietnam Steel Producers Raise Selling Prices

Many steel producers in Vietnam had suddenly decided to lift selling prices by VND100,000-VND150,000/ton from April 11.

 

At present, ex-work price of rolled steel is offered at VND9.7 million-VND9.85 million/ton and steel bars at VND10.5 million/ton.

 

The price increase was fuelled by growing demand in the domestic market and increasing steel ingot in the world market, said Vice Chairman of the Vietnam Steel Association Nguyen Tien Nghi, elaborating that the steel consumption in Mar soared to 356,000 tons, up from 257,000 tons in Feb and 175,000 tons in Jan.

 

The Ministry of Finance (MoF)’s recent decision on lifting steel import tariffs by 1 per cent-3 per cent from April 1 was also attributed to the price increase, said Nguyen Manh Duong, Director of Nguyen Phong Joint Stock Company, a construction steel distributor in Vietnam. (HCM City Law)