Steel price rises despite falling demand
Illustrative image. (Photo: VNA)
The price of construction steel is on the rise despite the fact that the demand for this type of construction material remains weak, insiders have said.
The selling price of steel in Hanoi is 18 million VND (761 USD) per tonne, which is approaching its peak recorded in mid-2022.
Nguyen Van Sua, a steel industry expert, said that this year the steel price may not reach its peak as in 2022, but it is on the rise because the actual demand is not high.
Production and sale of the steel industry depend heavily on the implementation of real estate, bridge and road projects. However, these projects are at standstill currently, he said.
Hoang Cuong, an iron and steel dealer on Tam Trinh Street, Hanoi’s Hoang Mai district, said since the beginning of this year, steel prices have increased 7 times, with a total increase of about 1.2 million VND per tonne.
According to him, the price of billet and raw materials has increased, so manufacturers adjusted the selling price of finished steel.
A representative of a steel firm said that the demand for real estate is low while the cost of input materials remains high, thus, the selling price is raised to reduce losses.
According to the Vietnam Steel Association (VSA), the selling price of finished steel has increased slower than the growth rate of input materials, affecting the performance of steelmakers.
Hoa Phat Group said that in the first two months of 2023, the sale of steel products in the domestic and foreign markets both decreased over the same period.
Specifically, the group sold 282,000 tonnes of construction steel in February, down 37% year-on-year. It supplied the market with 186,000 tonnes of hot rolled coil (HRC) steel in the month, more than two times higher than the previous month but declined by 20% year-on-year./.
Related News
![The impact of wage increases on inflation will not be too significant](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/12/16/croped/3-6d04b8d231c4939acad5202407041004242024070418415820240712160333.jpg?240718102331)
The impact of wage increases on inflation will not be too significant
10:23 | 18/07/2024 Finance
![Ensure stability and prevent fluctuation in price levels](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/062024/28/16/be3197f103cfae91f7de2024022213415020240628162125.jpg?rt=20240628162128?240701100654)
Ensure stability and prevent fluctuation in price levels
10:06 | 01/07/2024 Finance
![Pangasius exports are forecasted to bounce back at the end of the year](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/052024/15/15/croped/17-ca2024012216053120240515151544.jpg?240521093837)
Pangasius exports are forecasted to bounce back at the end of the year
09:38 | 21/05/2024 Import-Export
![Production ensures export of 7.4 million tons of rice this year](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/052024/06/13/croped/z53889688829941e14f2bff4a1d71a6fe5bb91c71d0702-1714209870190161423931420240429102045151307020240506135008.jpg?240506023018)
Production ensures export of 7.4 million tons of rice this year
14:30 | 06/05/2024 Import-Export
Latest News
HCM City annual international travel expo in September
15:15 | 26/07/2024 Import-Export
![Đồng Nai](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/26/15/croped/361692-4902364192590514-images2439387-z3245301932583-8e0fcec4c0298cbdd1a67efc377e87d420240726151202.9807900.jpg?240726031245)
Đồng Nai's key export item hopes for recovery
15:12 | 26/07/2024 Import-Export
![Rice exports to set record turnover of 5 billion USD in 2024](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/26/15/croped/1911gaoxuatkhaujpg-410520240726150836.9178600.jpg?240726030900)
Rice exports to set record turnover of 5 billion USD in 2024
15:08 | 26/07/2024 Import-Export
![4 export markets of tens of billions of dollars](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/25/15/image0012024072408363920240725154929.png?rt=20240725154931?240726081916)
4 export markets of tens of billions of dollars
08:19 | 26/07/2024 Import-Export
More News
![Difficult for phones to regain No. 1 position in exports](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/25/15/croped/image0012024072309572920240725155916.png?240726081749)
Difficult for phones to regain No. 1 position in exports
08:17 | 26/07/2024 Import-Export
![Indonesia licenses certificates of lobster cultivation for three Vietnamese companies](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/25/14/croped/lobster-409720240725140435.9377380.jpg?240725020459)
Indonesia licenses certificates of lobster cultivation for three Vietnamese companies
14:04 | 25/07/2024 Import-Export
![Vietnamese spend nearly 150 trillion VND on online shopping](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/25/14/croped/e-commerce-901820240725140330.8978560.jpg?240725020351)
Vietnamese spend nearly 150 trillion VND on online shopping
14:03 | 25/07/2024 Import-Export
![Four tens of billion USD export markets](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/24/22/croped/image00120240724083639-120240724220432.png?240725091715)
Four tens of billion USD export markets
09:17 | 25/07/2024 Import-Export
![Successful digital transformation solutions for wood industry enterprises](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/18/16/152024071210255720240718165847.jpg?rt=20240718165850?240725091456)
Successful digital transformation solutions for wood industry enterprises
09:14 | 25/07/2024 Import-Export
![Vietnamese lychee sold well at Costco stores in Australia](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/24/14/croped/screenshot-2024-07-24-091517-547920240724140956.8680410.jpg?240724021028)
Vietnamese lychee sold well at Costco stores in Australia
14:10 | 24/07/2024 Import-Export
![Durian exports forecast to top 3 billion USD in 2024](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/24/14/croped/durian-979820240724140848.8204690.jpg?240724020914)
Durian exports forecast to top 3 billion USD in 2024
14:09 | 24/07/2024 Import-Export
![FTA - support to promote pangasius export](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/15/16/17-ca2024012216053120240715164806.jpg?rt=20240715164809?240724091910)
FTA - support to promote pangasius export
09:19 | 24/07/2024 Import-Export
![Vietnam - France trade reached nearly US$2.5 billion in the first half of the year](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/23/14/croped/image0012024072010161720240723142729.png?240724091832)
Vietnam - France trade reached nearly US$2.5 billion in the first half of the year
09:18 | 24/07/2024 Import-Export
Your care
HCM City annual international travel expo in September
15:15 | 26/07/2024 Import-Export
![Đồng Nai](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/26/15/croped/medium/361692-4902364192590514-images2439387-z3245301932583-8e0fcec4c0298cbdd1a67efc377e87d420240726151202.9807900.jpg?240726031245)
Đồng Nai's key export item hopes for recovery
15:12 | 26/07/2024 Import-Export
![Rice exports to set record turnover of 5 billion USD in 2024](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/26/15/croped/medium/1911gaoxuatkhaujpg-410520240726150836.9178600.jpg?240726030900)
Rice exports to set record turnover of 5 billion USD in 2024
15:08 | 26/07/2024 Import-Export
![4 export markets of tens of billions of dollars](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/25/15/medium/image0012024072408363920240725154929.png?rt=20240725154931?240726081916)
4 export markets of tens of billions of dollars
08:19 | 26/07/2024 Import-Export
![Difficult for phones to regain No. 1 position in exports](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/25/15/croped/medium/image0012024072309572920240725155916.png?240726081749)
Difficult for phones to regain No. 1 position in exports
08:17 | 26/07/2024 Import-Export