Domestic steel prices climb

The Vietnam Steel Association said that local steel prices have increased by VND200,000-300,000 a ton over October.

The strengthening of the US dollar against the dong has contributed to an increase in local steel prices

Explaining the price surge, association Chairman Nguyen Chi Cuong said that two months ago, steel prices in China dropped due to a surplus but began moving up again in mid October.

In addition, the strengthening of the US dollar against the dong also caused prices to increase, he said.

A ton of steel in the domestic market now costs VND11-11.5 million, which is VND300,000-500,000 higher than in foreign markets.

Some experts say steel prices could continue to rise slightly until the end of the year.

By A.Kiet – Translated by Hai Mien

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