Just after the Ministry of Finance adjusted import tariffs on structural steel, steel producers have increased steel prices by VND0.8m (US$48) per ton compared with prices in November.
Demand for structural steel has increased toward the end of the year, contributing an increase in steel prices
Structural steel is currently sold at about VND12m (US$717) per ton in the market. However, prices are still 50 percent lower than peak prices in August.
Steel retailers say that demand for structural steel has increased toward the end of the year, contributing an increase in steel prices.
Vietnam Steel Association says that steel output grew to 300,000 tons in November, double the previous three months.
It is predicted that output will continue to rise by 300,000 tons by December and January, as builders try to finish construction before the Tet holidays.
Steel prices have also been affected by the sharp rise in prices of steel ingots. A ton of steel ingots costs between US$400-450, up from November by US$100-150.