Steel prices to remain flat over next few weeks

Steel prices will remain stable this month and the first half of August as rains are expected to dampen demand for construction, Vietnam News Agency reported Wednesday, citing the Vietnam Steel Association.

Steel now retails at VND11.5-13 million per ton (US$645-730) in the north and VND11.2-12.5 million per ton in the south, a 40 percent year-onyear decrease, the agency said.

The association said local steel makers produced 340,000 tons last month, down 52,000 tons from a month earlier while the country consumed 330,000 tons, down 25,000 tons.

Vietnamese steel producers now have 150,000 tons of finished steel and 470,000 tons of billets in stock, the association added.

Pham Chi Cuong, chairman of the association, told Bloomberg in May that local steel producers were expected to produce about seven million tons this year, easily outpacing the estimated demand of 3.8 million tons.

ThanhNien

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