Prices of construction steels in Vietnam are forecast to stay little changed from the current average level of VND11 million/ton as the domestic supply are stable, said Pham Chi Cuong, chairman of the Vietnam Steel Association.
The price is expected to only rise 0.5 per cent because of growing demand for the products fueled by the government’s stimulus package, explained the chairman.
Vietnam produced 1.84 million tons of steel in the first five months of this year, up 13.2 per cent on-year, the People’s Deputy newspaper said Tuesday, citing the Ministry of Industry and Trade, adding that the country now reports around 180,000 tons of steel in stock.
The country’s steel output also increased sharply in May, said the ministry but didn’t give specific figure.
Vietnam reportedly consumed 1.5 millions tons of steel during the five months, up 1.2 per cent on-year, including 350,000-360,000 tons in May, down from 430,000 tons in April, said the association.
Vietnam ’s total steel consumption is estimated to reach 3.8 million tons this year, equivalent to that of 2008, added the VSA.
(Vietnam & World Economy)
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