Steel prices rebound after months of slowdown

Domestic steel prices have increased again to VND100,000-500,000 per ton after three consecutive months of decline in prices, the Vietnam Steel Association (VSA) reported.

Buyers at a steel shop on Ly Thuong Kiet Street, HCMC (Photo: SGGP)

Currently, ex-work steel prices are ranging from VND12.2-12.8 million (US$642) per ton, not including VAT, compared to VND11.5-13 million per ton in June.  

Steel produced by Han Viet JSC and Viet Duc JSC is now sold VND200,000 and VND100,000 per ton higher than last month respectively.

VSA vice president Nguyen Tien Nghi attributed the increase to a rise in prices of ingot and scrap steel on the world market, with ingot steel being sold for US$560 per ton, up US$50 per ton from June, and scrap steel being offered at US$ 380 per ton, a rise of US$30 per ton.

It is forecast that 360,000-390,000 tons of steel can be sold domestically this month, an increase of 30,000 tons from June and 50,000 tons from May, Mr. Nghi said.

By H. Tram – Translated by Truc Thinh

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