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Steel prices increase

Avatar of Nick John By Nick John Dec20,2023 #increase #Steel
Steel prices increase 4
Steel prices increase 4

Thai Nguyen Iron and Steel Joint Stock Company has just announced an increase in construction steel prices.

Steel prices excluding VAT of all types also increased to 17.3-17.6 million VND per ton, depending on the type and depending on how fast or slow payment is.

Similarly, Hoa Phat Hung Yen Steel Company, Viet Duc Steel or Vinausteel Steel… also adjusted the selling price of construction steel coils from mid-February.

Quotes on February 17 from some agents showed that the popular price of Hoa Phat D10 steel was 17.15 million VND per ton;

Rebar steel bars of Thai Nguyen Iron and Steel Company, February 2022.

The current price is about 700,000-800,000 VND per ton from the peak of 18.3 million VND per ton last May.

Maybank Kim Eng Securities Company (MBKE) in a recent report assessed that the growth of the domestic steel industry could be 15-20% this year.

As for price, MBKE believes that steel prices will struggle between supply and demand and the price of input materials from the world market.

The increase in domestic steel prices is influenced by the world market, especially China.

In fact, raw material prices (iron ore, steel billet, coke…) on the world market increased.

Currently, spot steel billet prices in the Southeast Asian market increased by 5-7 USD per ton compared to the end of January, at 662-671 USD per ton.

Coke prices in the Asia-Pacific region increased to a record high due to scarce supply and strong demand for reserves of countries in the context of economic opening and recovery.

After a sharp increase, the price of iron ore with 62% content imported into China decreased by 10% to approximately 135 USD per ton on February 15 following the price stabilization statements of the Government of this country.

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