(HSV VIETNAM GROUP) – After about 3 months of moving sideways, domestic steel prices have recently continuously adjusted upward due to the increased cost of input materials for steel production.
Businesses announced an increase in steel prices on November 29
On November 29, the domestic steel market recorded the second consecutive price increase in just one week. However, the increase in steel prices is not due to increased market demand but due to the impact of input material prices. Specifically, Hoa Phat steel brand in the North increased 160,000 VND/ton for CB240 rolled steel line and increased 15,000 VND for D10 CB300 rebar steel. After adjustment, the latest selling prices on November 30 were 13.74 million VND/ton and 14.04 million VND/ton, respectively.
Vietnam Italy Steel also announced an increase of 150,000 VND per ton of CB240 rolled steel and D10 CB300 rebar steel. Currently, the prices of these two types of steel are 13.58 million VND/ton and 13.99 million VND/ton respectively.
Similarly, Northern Viet Duc steel increased by 120,000 VND/ton with CB240 steel line, to 13.48 million VND/ton. The D10 CB300 rebar steel line was also adjusted to increase by 50,000 VND/ton, equivalent to 13.9 million VND/ton.
During this adjustment, Pomina increased 100,000 VND/ton for CB240 rolled steel and increased 150,000 VND/ton for D10 CB300 rebar steel. The latest selling price of this brand on November 30 was 14.69 million VND/ton and 14.94 million VND/ton, respectively.
An increase of 150,000-300,000 VND/ton was also applied by the brands VAS, Viet Sing, Kyoei, and Tung Ho in the recent adjustment.
The Vietnam Steel Association (VSA) said that steel prices have continuously increased in recent times mainly due to the import prices of input materials for steel production such as coal, iron ore, scrap steel, hot rolled coil... with no signs of stopping the increase.
The selling price of finished steel products increases more slowly than the growth rate of input materials, so the business efficiency of construction steel companies is still low, with difficulties from purchasing input materials to consuming finished products.
VSA believes that rising raw material prices have caused domestic factories to increase selling prices many times to compensate for production costs and reduce losses.
In the coming time, the price of this commodity is expected to continue to increase when iron ore supply is tight, while construction demand tends to increase. This will be an opportunity for the steel industry and steel stocks in 2024.
Ha Diem HSV