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Rising Steel Prices get Industry down

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HI CHI MIN CITY, Vietnam (May 4) -The Viet Nam Steel Corporation (VSC) has failed to control local steel prices despite sharing more than 40 per cent of the local market, reported the inter-ministerial team. Following two months of relentlessly rising steel prices, an inter-ministerial team was formed by the Ministry of Trade in February […]

HI CHI MIN CITY, Vietnam (May 4) -The Viet Nam Steel Corporation (VSC) has failed to control local steel prices despite sharing more than 40 per cent of the local market, reported the inter-ministerial team. Following two months of relentlessly rising steel prices, an inter-ministerial team was formed by the Ministry of Trade in February to examine prices, inventories and volumes of steel produced by ten leading steel makers in the country to find possible trade frauds. The team also attributed skyrocketing steel prices in the first quarter of the year to a rise in global prices and the country’s overwhelming dependence on imports of raw steel. The team believe the steel producers also contributed to the hike by intentionally raising the prices. VSA’s vice chairman Pham Cuong predicts global prices to remain high until October this year.

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