The price of domestic steel bounced by between VND50,000 and VND200,000 (US$2.8-11) per tonne in November after a drop in the preceding two months, according to the Viet Nam Steel Association (VSA).

Recent retail prices in the northern region ranged from VND11.6-12.7
million ($650-$719) per tonne. The price was a bit higher in the
southern provinces, ranging between VND11.7-12.8 million ($657-$716)
per tonne.

Accelerated construction activities nationwide have increased the
demand for steel and driven up prices, according to the association.

Pig iron also up

Prices for raw materials have also gone up. A VSA report said the price
for pig iron has recently increased by $10-20 per tonne on the world
market. Petrol prices have also risen.

Experts predict that the domestic steel price could continue to
increase in the near future as the world price rises. Currently, the
volume of imported steel is limited because companies do not have US
dollars. At the same time, reserves in storage are decreasing as
construction projects kick off.

“Banks recently limited their US dollar loans to companies for steel
imports even while the Government gave steel companies priority for
projects,” said Ngo Thanh Son, director of a steel importer in Ha Noi.

According to VSA, nearly 350,000 tonnes of steel were sold in November, a 10 per cent increase over October.

Domestic steel companies have recently faced big challenges with the arrival of steel from ASEAN countries.

Although quality of steel from these countries is not significantly
better than Vietnamese steel, the zero-tax rate makes it cheaper and
more competitive.

Source: VNS

Search to find what you want

• Steel Authority of India cuts prices by up to 10 U.S. $ per ton

    India’s state-run steel maker SAIL cut the prices of its flat steel products, used mainly by automobile and white goods industry, by up to Rs 500 (US$10.81) a tonne on account of weakening global demand.

• Vietnam: The increased demand pushes steel prices

    Domestic steel producers have officially increased their sale price by VND200,000 per tonne over the past few days in the wake of local rising demand, according to the Viet Nam Steel Association (VSA). A tonne of steel coil currently is valued at VND11.02 million while the price of a tonne

• Steel prices fall in China, India feels tremors

    With steel prices heading southwards in China, India’s domestic market may witness a slump in the coming days. China is the largest producer and consumer of steel. Steel prices in China slid 10-12% to around $510/tonne level in the last three weeks, after hitting a high of around $600/tonne in

• Indian steel firms to hike prices in New Year

    India’s SAIL, Essar and Ispat, all steel majors, are all set to hike prices by 3-4% or Rs 1,000-1,500 per tonne in January in line with rising global prices. In November, international steel prices had gone up over 5% following a rise in demand. The price hike, which will be

• Stockholders cargo ship after 17 weeks ending price hike

    Beijing Business Daily the steel prices eyed a steep fall by the highest record of CNY 500 per tonne to CNY 600 per tonne which ended the price hikes for 17 weeks in a row last week. The market insiders believed that this price adjustment would help to ease the upward

• Angang Steel hikes steel prices for December

    China Knowledge reported that Angang Steel Co Ltd one of China top three steel producers has raised the prices of its major steel products for December.

• Baosteel to keep steel prices unchanged in April

    BaoSteel announced their prices for some of the products for April this noon.

• SAIL hikes steel prices by Rs 600 per tonne

    State-owned steel major Steel Authority of India (SAIL) today said it has hiked steel prices by up to Rs 600 a tonne, effective from March 1, on account of increase in excise duty. “Yes there is a price increase of about Rs 500 to Rs 600 a tonne due to

• Indian steelmakers set to slash prices

    Steel Authority of India (SAIL) has decided to slash prices of flat steel products sold in the spot market by up to 3% or Rs 800/tonne owing to mounting threat from low-priced imports. Other steel producers, including Ispat, Essar and JSW, are likely to follow suit this month

• Coking coal to rise to lift steel prices

    World’s top coking coal producer BHP Billiton has signed a coking coal deal with Indian steelmakers at $200 per tonne, up 55% from last year’s prices. This is expected to cause major rise in steel prices in India.

• SAIL further reduced steel prices by Rs 500 per tonne

    State-run steel maker SAIL on Monday cut prices of some of its products, used primarily by the automobile and the white goods industry, by a further Rs 500 a tonne mainly on weak global demand.

• India: Steel companies hike for orientation

    Steel makers in India have decided to hike benchmark prices of flat steel products like hot rolled and cold rolled coils by an average of around Rs 1,500 per tonne. The move is perhaps a clear indicator of a perk up in overall steel demand from consumer sectors like durables

• India: Steel producers consider another price increase as migration

    Even as the steel ministry has expressed concern and suggested a clamp on steel prices, producers are defiant, especially with NMDC—part of the same ministry—raising input prices.

• India: Steel prices expected to rise by 5% in April

    Automotive and consumer durable companies may have to shell out more to buy steel under long term contracts from domestic metal producers starting April 1. Top Indian steelmakers are likely to increase price of the metal by 5-8 % sold under quarterly, six-monthly or annual arrangements on the back of

• No more buying plans for shipyards in Q4 on sliding steel prices

    It is reported that domestic steel prices prolonged downward trend for nearly consecutive eight weeks before National Day Holiday with shipbuilding plate price falling by CNY 600 per tonne to CNY 800 per tonne in several China major cities. However, steel inventory is still perched on a high track post