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Steel prices continue to rise

Steel manufacturers announced that, from March 31, steel prices continued to increase. This is the 6th time steel prices have increased in a row in the past 1 month.

From the beginning of March until now, manufacturing enterprises and business steel has had many price adjustments. Most recently, Hoa Sen Group Joint Stock Company announced a price increase of 300 VND/kg for items: galvanized steel sheet, galvanized steel wire, galvanized steel pipe and 2,000 VND/m2 for Hoa Sen insulated corrugated iron. The time to apply the new selling price is March 31.

Similarly, from March 16, Kyoei, Viet Duc, Viet Nhat and Pomina steel are also adjusted to increase by 500 – 650 VND/kg for CB24 coil and D10 CB300 rebar, with prices from 18,000 VND/kg. kg to 19,800 VND/kg.

Steel prices continue to rise
Steel prices continue to rise

Previously, on March 15, Hoa Phat Hung Yen Steel Co., Ltd (Hoa Phat Group) also announced an increase of 600,000 VND/ton (excluding VAT) for construction rebar and coil products.

In addition to the adjustment on March 15, before that, Hoa Phat Hung Yen Steel Company Limited had steel price increases on March 10, March 6 and March 4. From the beginning of the year until now, the price of rebar has been continuously increased by this company. Since the beginning of the year, the price of rebar at this enterprise has been adjusted up 6 times, with an increase of 200,000-600,000 VND/ton.

In March, the price of Vietnam-Italy construction steel was also adjusted up 3 times. Accordingly, the price of D10 CB300 rebar from 17.07 million VND/ton to 18.38 million VND/ton. Construction rebar type D10 CB300 increased from 17.46 million VND/ton to 18.78 million VND/ton.

Thus, only in March, with the increase at the end of the month, the domestic steel market experienced 6 price increases. The reason for the increase in steel price given by manufacturing and trading enterprises in each adjustment period is mainly due to the high price of steel billet and input materials, so the selling price must be adjusted.

Since the beginning of the year, the price of construction coil has increased by 2.45 million VND/ton.

The Vietnam Steel Association (VSA) said that the export price of coking coal at Australian ports traded at 627 USD/ton, up 235 USD compared to the beginning of February. The price of coking coal has also increased continuously since 2021. affected the cost of steel production.

Many experts believe that due to the increase in the price of raw materials for steel production, along with the tension between Russia and Ukraine, the steel price cannot return to the lower price level.

Linh Anh

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