| News & Trends | ||
| Steel and cement prices fall on low demand in Vietnam - 26 Aug, 2008 | ||
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Vietnam News Agency reported that steel and cement demands have been weak, causing their prices to plummet. Steel and cement prices have plummeted in the last two weeks but, with demand becoming sluggish, manufacturers are struggling to sell their products. Mr Nguyen Quoc Dai director of a private construction business in Ho Chi Minh City’s District 7 said that steel prices have fallen by VND 2 million to VND 2.5 million per tonne since the beginning of July 2008 to VND 18.2 million to VND 18.5 million. He added that “You can buy as many tons as you want and the producers will make free delivery.” The Vietnam Steel Corporation, whose prices are already VND 500,000 a tonne lower than private and joint venture manufacturers, is offering a further cut of VND 300,000 to VND 340,000 for big buyers. In the early months of 2008, prices had doubled and home builders and building contractors faced a hard time. Mr Nguyen Tien Nghi VP of Vietnam Steel Association said that “Constant rains hinder construction and also delay new projects. Steel demand is even weaker in the north and the average price there now stands at VND 17.5 million a tonne." VSA figures show that its members sold 250,000 tonnes in July 2008, 16.5% MoM down from June 2008. The cement market has also started to cool down, with August 2008 consumption in HCMC falling by 60% MoM. Mr Mai Anh Tai deputy director of Ha Tien 1 Cement Joint Stock Company said that producers and distributors have failed to achieve their sales targets. Steel and cement producers are also offering special discounts to regular customers. | ||
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