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| Vietnamese steel majors increase price by VND 700,000 - 28 Nov, 2008 | ||
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VNA reported that, right after the ingot steel price in the world inched up, Vietnam domestic steel producers have raised the sale prices by VND 500,000 to VND 700,000 per tonne, despite the big stocks. Some steel producers raised the sale prices by VND 500,000 to VND 700,000 per tonne in the last week. Rolled steel is now selling at VND 10.6 million to VND 10.7 million per tonne and steel bars at VND 11.8 million per tonne. According to the Vietnam Steel Corporation, the demand for steel is increasing a little. In October 2008, the corporation could sell 20,000 tonnes of steel only, while it expects to sell 45,000 tonnes in November. According to Mr Nguyen Tien Nghi deputy chairman of the Vietnam Steel Association, domestic producers have to raise the sale prices because of both the ingot steel price increases in the world market after three months of continuous decreases, and the increase in demand. Mr Nghi said that the ingot steel prices have surged from the deepest lows of USD 270 to USD 280 a tonne to over USD 420 to USD 450 a tonne recently, the highest peak of the ingot steel price was over USD 1,000 per tonne. Meanwhile, Mr Dao Dinh Dong head of the market division under the Vietnam Steel Corporation, said that there exists a big gap between the steel prices in the north and the south. The prices in southern provinces are lower by VND 500,000 to VND 700,000 per tonne than the prices in the north. The Vietnam Steel Association also said that the steel price will not increase sharply as producers still have large stocks of over 200,000 tonnes of finished steel, and 500,000 tonnes of ingot steel, which prove to be enough for the market by the end of the first quarter of 2009. | ||
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