Steel Prices Likely to Drop

Steel prices are on the decrease, resulting in a likely increase in steel sales in the second half of the year. 

Steel prices will fall in the coming months

Pham Chi Cuong, Chairman of the Vietnam Steel Association (VSA), said yesterday that the price of steel ingots from China has decreased to US$510 per ton, and is continuing to drop. Steel prices across the country are expected to fall in the coming months.
Rolled steel is currently on sale at VND9.2 to 9.6 million (US$575-600) per ton, and bar steel at VND10-10.3 million (US$625-644) per ton, an increase of VND2 million (US$125) per ton compared to the end of last May.
VSA has attributed the recent price increase to China’s increase on export tax on steel ingots from ten percent to fifteen percent.
Mr. Cuong said the Pomina steel factory in Phu My will come into operation late this year and will produce 500,000 tons of steel ingots per annum.
The factory’s production will help bring down steel prices as manufacturers become freed from the pressure of importing steel ingots.
So far this year, the country has imported over 1.1 million tons of steel ingots. In May alone, imports reached 375,000 tons.

By Chien Dung – Translated by Yen Chuong

Other news

Most view


VNPT & SeABank cooperate to enhance connections

The Vietnam Posts and Telecommunications Group (VNPT) and SeABank just co-signed cooperation agreement, aiming to develop the two sides’ economic, business and investment potential.


185 leading domestic & in't enterprises join in VN ETE 2018

The Vietnam Exhibition of Electrical Technology and Equipment (Vietnam ETE 2018) and the Exhibition of Products, Technologies for Energy Saving and Green Power (ENERTEC EXPO 2018) yesterday kicked off in HCMC’s Saigon Exhibition Convention Center in district 7.

Self - introduction

VNPT targets to be leading digital service provider in Vietnam

The grand opening ceremony of the VNPT-Information Technology Company (VNPT-IT), a new member of the Vietnam Posts and Telecommunications Group (VNPT), was held yesterday in Hanoi. With thousands of IT engineers and the focus on developing state-of-the-art technological products related to Artificial Intelligence (AI), Bigdata, and Blockchain, the new company is considered the main force to help VNPT fulfill the goal of becoming a leading digital service provider in Vietnam and an important Digital Hub of the neighborhood as well as the world.

Stock market

SAS profits VND 118bln

The Southern Airports Service Joint Stock Company (Sasco) which is listed under code SAS on the Unlisted Public Company Market (UPCoM), announced its second quarter’s financial report with net revenue at VND 634.5billion, an increase of 14 percent compared to last year.