Hanoi (VNA) – Vietnam’s steel market is forecast to be in good shape duringthis year’s first quarter despite high prices, said the Vietnam SteelAssociation (VSA).
VSA ViceChairman Nguyen Van Sua said the price of steel rose from 70 USD to 92 USD pertonne throughout January and February, but have now fallen to 86-87 USD per tonne.
The sectorimported 90-95 percent of materials for manufacturing, including iron ore, ironscraps, and coke fuel, he said, adding that globally high prices affecteddomestic costs.
Over 1.95million tonnes of steel were sold in the January-February period, up 18.9percent year-on-year. Of which, more than 456 tonnes were for export, up 28.8percent from January 2018.
Inpreparation for the peak construction season in April-May, firms bought steelin huge volumes for stockpile. The government has also paid attention to publicinvestment and promoting the construction market while economic prospects arebright this year.
Sua saidthe sector is expected to grow by a record 10 percent in 2019.
Domesticfirms suggested that the government take measures to control massive imports oflow-cost steel from China, which caused losses to domestic manufacturers. –VNA
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Illustrative image (Source: VNA) 
