Vietnam Steel Makers Cut Prices by VND200,000-VND500,000/Ton: VSA
Steel producers in Vietnam have continued lowering their prices by VND200,000 and VND500,000 (US$10.5-US$26.25) per ton since May 17, Vice Chairman of the Vietnam Steel Association (VSA) Nguyen Tien Nghi said.
This is the second time the producers have cut their steel prices in the month to date with a combined reduction of VND400,000 and VND1 million per ton, Nghi was quoted by the state-run Vietnam News Agency as saying on May 19.
The consecutive reductions are aimed at boosting their sales that have been falling since mid-April, the vice chairman said.
Currently, ex-work prices of steel producers (excluding VAT) stand between VND13.5 million and VND13.55 million per ton of rolled steel and between VND13.55 million and VND13.95 million per ton of steel bar.
Steel agents and retailers in Vietnam now offer prices at VND14.8 million/ton.
Vietnam’s steel sales are estimated to drop on-month 50,000 tons to 250,000 tons in May due to a huge inventory in the market, Nghi attributed. (VNS, Vietnam Economic Times)
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