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.