Industry News

Steel prices continue to rise despite falling demand

Views : 123
Update time : 2023-03-10 17:33:44
The demand for steel remains weak, but producers have increased prices six times so far this year because of increasing input costs.

Statistics of the Vietnam Steel Association show that the average steel price at the end of February rose by 5% against the end of 2022, but was still 8% lower than the same period last year.

According to data of Steel Online, a distributor of many big brands such as Hoa Phat, Viet Y, Kyoie and Pomina, the current selling price of Hoa Phat coil steel is VND15.96 million (US$673.21) per ton, and that of Hoa Phat rebar steel is VND15.84 million.

Pomina has hiked its selling price for coil steel and rebar steel to VND17.57 million and VND17.6 million per ton respectively.

The price hike came after prices of input materials surged, the association said, adding that local steelmakers had to increase selling prices to reduce losses.

Vietcombank Securities said that world prices of input materials such as coke, iron ore and scrap steel have tended to rise since the end of last year, mainly due to the expectation of China’s revived steel production after its reopening.

Bui Duy Anh, deputy general director of Steel Online, told VnExpress that the hike in selling prices was also due to the scarcity of steel billets, which resulted from the closure of some billet plants last year.

Related News
Read More >>
Ball Corporation confirms US aluminium tariff impact on its Q1 2025 net earnings despite improved shipments Ball Corporation confirms US aluminium tariff impact on its Q1 2025 net earnings despite improved shipments
May .08.2025
Ball Corporation confirms US aluminium tariff impact on its Q1 2025 net earnings despite improved shipments
India proposes tariff reductions on US imports India proposes tariff reductions on US imports
May .08.2025
India proposes tariff reductions on US imports
ArcelorMittal & WOLF GmbH partner for low carbon-emissions steel in HVAC industry ArcelorMittal & WOLF GmbH partner for low carbon-emissions steel in HVAC industry
May .08.2025
ArcelorMittal & WOLF GmbH partner for low carbon-emissions steel in HVAC industry
India issues new quality control order on 17 categories of aluminum products India issues new quality control order on 17 categories of aluminum products
May .08.2025
India issues new quality control order on 17 categories of aluminum products