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|Domestic steel consumption on the rise. (Illustrative photo)|
According to the Vietnam Steel Association (VSA), the domestic steel price increased in July by VND 100,000 - VND 500,000 per tonne, bringing the cost to VND 12.2 million - VND 12.8 million (USD 638 - 670) per tonne, excluding VAT.
At VSC - POSCO Steel Corporation, the price went up by VND 200,000 (USD 10) per tonne. At VietDuc Steel Plant, it went up VND 100,000 (USD 5) per tonne.
It was reported that domestic steel producers have completely sold out their stock and are currently importing materials for producing steel at a higher price than the previous month. Steel billets price has risen to USD 560 per tonne, up from USD 500; and scrap steel price has risen to USD 380, up from USD 350.
Representative of the VSA said that this rise in price was due to the increasing price of these two steel commodities on the global market.
They also predicted that the domestic steel consumption in July will be about 360,000 - 390,000 tonnes, which is much higher than the monthly consumption over the last 3 months.