From February 7, major domestic steel producers announced an increase in the selling price of all kinds of steel; this is the 4th consecutive price increase in less than 1 month.
Specifically, the steel price from February 7 has increased by 300,000-380,000 VND/ton, depending on the company. Surveying some iron and steel stores in Ho Chi Minh City, customers who ask to buy iron and steel at this time will not be given a specific quote by the store, but if they take it every day, they will be quoted that day, the next day will have a different price.
Ngo Thanh My, owner of an iron and steel shop in Thu Duc City, explained that steel prices fluctuate daily in an increasing direction. However, dealers also do not anticipate all fluctuations, so they must change prices daily to avoid losses.
Previously, steel enterprises such as Hoa Phat, Viet Y, Pomina, and Thai Nguyen .... announced simultaneously increasing steel prices from February 7, the fourth time in a row in less than a month. Accordingly, Hoa Phat steel price increased by about 350,000 VND/ton, to 15.68-15.98 million VND/ton; Vietnam Italy Steel increased by 300,000-380,000 VND/ton depending on the type, to 15.6-15.88 million VND/ton; Pomina Steel increased by 310,000 VND/ton, to 116.27-16.78 million VND/ton; Thai Nguyen Steel increased by 310,000 VND/ton, to 15,560-15,910 million VND/ton. As a result, the retail price of steel today ranges from 18-18.5 million VND/ton.
According to the Vietnam Steel Association, steel prices have increased continuously since the beginning of the year because raw material steel in the world has increased sharply by about 1 million VND / ton, and scrap steel from 370 USD / ton at the end of the year. Last year, it rose to 450 USD/ton from the beginning of this year. As a result, domestic steel companies are forced to adjust their selling prices accordingly, increasing from 700,000 VND to more than one million VND/ton, depending on the factory.
(Nguoi lao dong)
Read more: Steel industry report
STEEL INDUSTRY REPORT - DECEMBER 2022