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Steel prices poised to grow slightly

The Vietnam Steel Association (VSA) has projected that steel prices would increase slightly, especially in the final months of 2016, as demand for construction is rising.

Steel sheet piles are used in a tidal sluice construction project in HCMC – PHOTO: VAN NAM

Speaking to the Daily on November 10, Nguyen Van Sua, vice chairman of VSA, predicted that consumption of steel, especially construction one, would rise in the rest of this year due to high demand at the peak of the construction season, leading to a slight increase in steel prices.

Prices of construction steel are currently ranging from VND9.2 million (US$412) to VND9.7 million (US$434) per ton in the north while those in the south are lower by VND100,000 to VND200,000 per ton, exclusive of discounts and value-added tax (VAT).

Sua said prices of domestic steel would continue to increase in line with raw material prices on the world market. However, the price rise will be modest as material supplies are currently ample.

Sua predicted the total steel consumption this year would reach 17 million tons, including construction steel, cold rolled steel, welded steel pipes and galvanized sheets, a year-on-year increase of two million tons. In particular, the consumption of construction steel would be around 8.2 million tons, up by one million tons compared to last year.

The steel industry produced 15 million tons of finished products, including cold rolled steel, cold-rolled coil (CRC) steel, steel pipes and galvanized sheets that met domestic demand and yielded relatively positive export results in 2015. However, Vietnam still imported nine million tons of hot-rolled coil (HRC) steel as raw material for production of other steel products.

By: Văn Nam (english.thesaigontimes.vn)

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