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The Vietnam Steel Corporation has raised its steel prices by VND300,000 ($15) since mid-November. Its rolled steel is currently sold between VND 4.5 million and VND14.8 million per tonne (excluding VAT) and steel bars are selling at VND14.6 – 15.3 million per tonne.
Other steel enterprises such as Vina Kyoei and Pomina have also increased their steel prices.
This is the second increase since early November with a total rise of VND400,000 – 600,000 per tonne.
Nguyen Tien Nghi, deputy head of the Vietnam Steel Association, predicted that the price of steel may continue to go up, but there will not be big fluctuations thanks to the current fierce competition in the steel market.
Over the past two months, steel consumption has been higher than the previous months. It is forecast that the consumption of construction steel will see a year-on-year increase of 18 per cent with members of the Vietnam Steel Association selling a total of 4.8 – 4.9 million tonnes of steel.
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