Steel prices in Vietnam have risen 2-5 percent over the past two weeks due to rising global prices and close to reaching last year’s peak.
Thai Nguyen Iron and Steel Jsc increased steel prices to 17.3-17.6 million dong ($ 759-772) per tonne, about 2 percent more than in the first week of February.
Meanwhile, Hoa Phat Group raised prices by 3.7-5 percent to 17.15 million dong per tonne, up just 4.6 percent from a previous historical peak of 18.3 million dong last year.
Some industry insiders believe prices will rise even higher.
“There may be two or three raises this year, which will raise prices by 1 million dong,” said Ngok, a steel distributor in Hanoi.
Steel prices in Vietnam have risen as China, the world’s largest exporter and producer, two days ago raised prices by almost 6 percent to a five-month high of $ 756 a tonne.
Supply shortages and rising demand as countries promote recovery from Covid-19 are said to be causing prices to rise.
https://www.retailnews.asia/steel-prices-rise-5-pct-nears-historic-peak/?utm_source=rss&utm_medium=rss&utm_campaign=steel-prices-rise-5-pct-nears-historic-peak Steel prices rose 5 percent, approaching a historic peak