Higher steel prices cause contractors to face losses

The selling prices of steel products have increased since the beginning of 2023, increasing the risk of losses for construction contractors.

After a long period of remaining unchanged, the selling prices of construction steel products on the domestic market have increased four times since the beginning of 2023, especially on two consecutive days on January 30 and 31.

On February 8, a number of domestic steel brands increased prices by VND300,000 to VND400,000 per tonne.

Prices surged by VND310,000 per tonne for Hoa Phat steel products in the North to VND15.76 million-VND15.84 million (US$656 - $660) depending on the kinds of products.

Meanwhile, the same products of other brands such as Viet Duc steel, Kyoei, Pomina and VAS also rose by VND300,000-VND310,000 per tonne.