News Room - Steel Industry

Posted on 06 Feb 2009

Vietnamese steel prices dip

It is reported that after the Vietnamese government reduced value-added tax for steel products from 10 percent to 5 percent, its market price of steel dropped.

 

There’s a decline of about 500,000 dong/ton compared to the price in December 2008. At present, the steel market is stable with a high sales volume.

 

On February 2, 2009, China’s Tisco’s benchmark steel price declined from 11 million dong/ton (excluding value-added tax, the same below) to 10.6 million dong/ton; and the price from the other rival is 11.2 million dong/ ton. The average retail price of steel increased by 1 million dong when value-added tax is added.

 

Vietnam Steel Association forecasts the sales of steel in 2009 will be about 9 million tons, an increase of 2-5 percent. Due to the oversupply of international steel market, there will not be any big price fluctuations.