Vietnam Steel Makers Raise Prices by VND300,000/Ton
Vietnam Steel Corporation (Vnsteel), Pomina Steel Co. Ltd. or Pomina (POM) and Vina Kyoei Steel Ltd., Co. increased their prices by VND300,000 ($15.42) per ton of steel from August 18.
The growing prices of steel ingot and scraps in the world market were attributed to the increase in the domestic market, according to Vice Chairman of the Vietnam Steel Association Nguyen Tien Nghi.
Ex-work prices of Vina Kyoei’s products (excluding VAT) stand between VND13.5 million and VND13.6 million per ton.
Retail steel prices in the domestic market are offered between VND14.4 million and VND14.8 million per ton.
Vnsteel, which held around 30% of Vietnam’s construction steel market share in late April, has raised steel prices for five times with a combined hike of VND1.6 million per ton since early July.
Vice Chairman of the Vietnam Steel Association Nguyen Tien Nghi, however, forecast that steel prices in Vietnam will be stable in August due to the low consumption during the rainy season and the rising inflow of steel imports.
The country’s steel sales are estimated to fall to between 350,000-400,000 tons in August, he added, forecasting the domestic consumption demand and prices will rise in September.
Vietnam spent $3.2 billion on importing 4.73 million tons of steel and iron in the first seven months of this year, up 5.5% on-year, the General Department of Customs said. (Laborer,
www.customs.gov.vn))
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