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| TITLE |
Vietnam government to review domestic steel prices |
| WRITER |
administrator |
DATE |
2008-01-14 09:13:11 |
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Vietnam government to review domestic steel prices
January 13, 2008
Mr. Hoang Trung Hai deputy prime minister of Viet Nam, in a dispatch to the ministry of industry &Trade and the ministry of finance, said that domestic steel prices need to be stabilized. In the dispatch, he ordered to ministries to examine possible measures to get a handle on steel prices and submit a proposal to the government before January 20th 2008.
The dispatch followed recent reports that steel prices were spiking and the market was facing a steel shortage. In December 2007 alone, steel prices rose three times, with no sign of abating. In early December 2007, steel prices on the HCM City market were around VND 14.5 million per tonne. This had risen to VND 16.5 million per tonne by January 2008. Viet Nam Steel Corporation, by comparison, currently has prices set at VND 13 million.
Mr. Ha Van An deputy head of the marketing department of the Viet Nam Steel Corporation said that their steel came to the market through their branches which frequently sold to wholesalers.
Mr. Pham Chi Cuong chairman of Viet Nam Steel Association believed that steel prices would continue to rise in 2008 as China has increased the export tax on pig iron from 15% to 25%, making a basic raw material for the nation’s steel industry more expensive.
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