HÀ NỘI — Although local iron and steel prices have dropped, they are still at high rates, up 1.7 times compared to the end of 2020, causing investors and construction contractors to suffer.
On the international market, the price of steel rebar for October delivery on the Shanghai Future Exchange was traded at 5,687 yuan (US$877) per tonne on Monday, down nearly 5.64 per cent from the peak set in mid-May but surged 30.8 per cent since the beginning of the year.
As the global prices are higher, local steel producers can only raise their product prices, said Mai Minh Ngọc, director of Đông Hải Steel Company.
Nguyễn Công Chinh, an iron and steel dealer on Giải Phóng Street, Hà Nội, told Tiền Phong that his business has never been as difficult as this year. Every two-three days, steel prices rise and even climb twice a day.
"Sometimes, wholesale distributors informed me that the prices were up right after I opened the store," Chinh said.
"This year, steel prices have increased by 1.7 times so far."
