| Clips | ||
| VSA sees steel prices and demand down in Vietnam - 25 Aug, 2008 | ||
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VNS citing Vietnam Steel Association reported that steel prices are forecast to fall for the rest of the year as demand slackens in Vietnam’s domestic market. VSA said July steel output was at a record low 250,000 tonnes and August steel consumption was even lower at an estimated 200,000 tonnes. As per report, steel producers have reported insignificant steel sales in August so far. Vinakyoei Steel Co has sold only 2,000 tonnes of steel in the first 10 days of August. VSA said that decreasing demand has led to price reductions, the association reported, adding that steel prices will probably decrease in coming months, dropping from the current price of VND17.3 million per tonne, already a 30% decrease on June prices. Steel prices are lowest in the south with prices in the north roughly VND1 million per tonne higher. Mr Pham Chi Cuong chairman of VSA attributed the reduction in demand and subsequent price drops to decreased construction activity during the rainy season. Vietnamese producers of steel ingot said they were facing difficulties and inventory stockpiles were growing. While domestic consumption was down, the 20% export duty made exports uncompetitive in the global market, curtailing export activities. Steel ingot producers said they will cease production if the situation continues, as credit concerns would force production cuts. To help the domestic steel ingot industry, the VSA recommended that the Government cut export tax. | ||
| Today's News | ||
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| Chinese steel import applications to Europe stay high in October | |
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| Chinese CRC export price tends to level off | |
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| TISCO cuts stainless steel export price by USD 750 per tonne | |
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| Japanese SS mills pending price negotiation with Asian buyers | |
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| Steel export shrinks to 379, 000 tonnes in October | |
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| Iron Ore prices may halve in 2009 on slump | |
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| US slaps duties on China welded steel pipes | |
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| Indian forging industry opposes import duty on steel | |
