Construction Steel Prices Soaring

3:26:30 PM | 7/8/2005

Steel prices on the Vietnamese market have recently started rising due to world price hikes of steel billet and an increasing purchasing power when more construction works are being proceed in the first quarter of this year.

The price of rolling steel stands at VND7.2-7.5 million per tonne, and of steel bars at VND7.5-7.7 million per tonne, up VND100-200,000 per tonne over the last month. According to the Ministry of Trade, prices of steel billet on the world market are experiencing slight hikes, and the price of imported steel billet (CIF Vietnam ports) is estimated to reach US$390-420 per tonne in the coming time, up US$20 per tonne over January 2005. The retail price on the local market will fluctuate at VND8 million per tonne, forecasts the ministry.

Vietnam is expected to consume around 50,000-60,000 tonnes of construction steel in the first quarter of this year.