Tuesday, June 6, 2023 3:52:27 AM - Markets open
VN-INDEX 1,097.82 +6.98/+0.64%
HNX-INDEX 226.56 +0.53/+0.23%
UPCOM-INDEX 84.11 +0.15/+0.18%
Steel price rises despite falling demand
Vietnam News - 3/24/2023 3:55:11 PM
 (0 ratings. You must sign in to rate.)
The price of construction steel is on the rise despite the fact that the demand for this type of construction material remains weak, insiders have said.
 
The selling price of steel in Hà Nội is VNĐ18 million (US$761) per tonne, which is approaching its peak recorded in mid-2022.
 
Nguyễn Văn Sưa, a steel industry expert, said that this year the steel price may not reach its peak as in 2022, but it is on the rise because the actual demand is not high.
 
Production and sale of the steel industry depend heavily on the implementation of real estate, bridge and road projects. However, these projects are at standstill, he said.
 
Hoàng Cương, an iron and steel dealer on Tam Trinh Street, Hà Nội’s Hoàng Mai District, said since the beginning of this year, steel prices have increased seven times, with a total increase of about VNĐ1.2 million per tonne.
 
According to him, the price of billet and raw materials has increased, so manufacturers adjusted the selling price of finished steel.
 
A representative of a steel firm said that the demand for real estate is low while the cost of input materials remains high, thus, the selling price is raised to reduce losses.
 
According to the Vietnam Steel Association (VSA), the selling price of finished steel has increased slower than the growth rate of input materials, affecting the performance of steelmakers.
 
Hòa Phát Group said that in the first two months of 2023, the sale of steel products in the domestic and foreign markets both decreased over the same period.
 
Specifically, the group sold 282,000 tonnes of construction steel in February, down 37 per cent year-on-year. It supplied the market with 186,000 tonnes of hot rolled coil (HRC) steel in the month, more than two times higher than the previous month but declined by 20 per cent year-on-year. — VNS
 
Read original article here
Newer News
03/06 May data shows Viet Nam still has long way to go: HSBC
03/06 Việt Nam’s exports to hit US$618 billion by 2030 at 7 per cent annual growth
03/06 VN's manufacturing sector experienced third consecutive decline in three months
30/05 CPI rose slightly by 0.01 per cent in May
30/05 Việt Nam invests over US$316 million abroad in five months
30/05 Việt Nam is South Korea's 4th largest rubber supplier
23/05 Timber exporters face a sharp decline in orders
19/05 FDI sector posts trade surplus of over US$14 billion in four months
19/05 PM urges solutions to prevent electricity shortage during summer peak
11/05 Meat producers forecast to see more positive results
Older News
24/03 Health and vehicles to be main growth drivers for non-life insurers in 2023
24/03 Conference to promote trade and cooperation between Việt Nam and Mexico
22/03 Investors voice concerns over unresolved pricing for renewable projects
21/03 US businesses exploring investment, business opportunities in Việt Nam
21/03 Imported cars should be included in registration fee reduction scheme
20/03 US businesses exploring investment, business opportunities in Việt Nam
17/03 Trade recovers strongly since reopening
17/03 Dual opportunity for Việt Nam in offshore wind industry development
16/03 Tra fish exports predicted to recover from third quarter
16/03 High cost of construction materials puts pressure on Việt Nam's construction industry
 
Newsletter Signup
Top Stories
Stock, real estate markets to become more attractive thanks to low interest rates
CPI rose slightly by 0.01 per cent in May
Bad debts running rampant in construction sector
Bank deposit interest rates keep falling
Airlines look to capitalise on thriving demand
Market Update
Last updated at 3:05:03 PM
VN-INDEX 1,097.82 +6.98/+0.64%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Portfolio
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.