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.
Hanoi (VNA) – Theprice of construction steel is on the rise despite the fact that the demand for this typeof construction material remains weak, insiders have said.
𒐪 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.
𓄧 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 andsteel dealer on Tam Trinh Street, Hanoi’s Hoang Mai district, said since thebeginning of this year, steel prices have increased 7 times, with a total increaseof about 1.2 million VND per tonne.
🍸 According to him, the price of billet andraw materials has increased, so manufacturers adjusted the selling price offinished steel.
A representative of a steelfirm said that the demand for real estate is low while the cost of inputmaterials remains high, thus, the selling price is raised to reduce losses.
According to the VietnamSteel Association (VSA), the selling priceof finished steel has increased slower than the growth rate of input materials,affecting the performance of steelmakers.
Hoa Phat Group said that inthe first two months of 2023, the sale of steel products in the domestic andforeign markets both decreased over the same period.
🌸 Specifically, the group sold 282,000tonnes of construction steel in February, down 37% year-on-year. It suppliedthe market with 186,000 tonnes of hot rolled coil (HRC) steel in the month, morethan two times higher than the previous month but declined by 20% year-on-year./.
Domestic steel demand is expected to keep falling due to the property market slump and tightened monetary policy, economic downturn in many export markets and a rise in supply making the outlook for the industry in 2023 poor, analysts said.
In the early days of this year, Hoa Phat Group secured many orders to export its steel products to the US, Canada, Mexico, Puerto Rico, Australia, Malaysia, Hong Kong (China), and Cambodia.
The high prices of raw materials have caused domestic steel companies to increase selling prices many times to compensate for production costs and reduce losses.
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Illustrative image. (Photo: VNA) 
