Steel Prices Forecast to Rise Soon
Vietnam’s steel prices are set to rise soon propelled by rising ingot prices, according to general director of the Southern Steel Corporation (SSC), Nguyen Ngoc Vinh.
The general director said the import price of steel ingot had increased yesterday to US$460 per ton from an average US$400 last month.
Meanwhile, Chinese ingot exporters are planning to cut volumes fearing high duties decreed recently by the government.
Vietnamese steel prices have already increased in recent months by VND100,000 – 150,000 per ton. The price is VND7.7 million – 7.8 million (US$488) for rolled steel and VND7.8 million – 7.9 million for steel bars. Demand remains high.
To meet a projected rise of 13.7 per cent in demand this year, the country plans to import some 3.8 million tons of steel billets and finished steel, the industry ministry has said.
According to the Ministry of Trade, steel ingot plants in the country are forecast to need around 2.2-2.3 million tons of steel scraps a year while the domestic supply is only around 800,000 tons a year, the rest will be imported.
Vietnam is seeking to boost steel production because its steel demand is expected to significantly increase to 10 million tons in 2010, 16 million tons in 2015 and 20 million tons in 2020, compared with 6.5 million tons last year, according to the Ministry of Industry.
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