Statistics show that the average steel price at the end of February increased by 5% compared to the end of 2022, but it is still 8% lower than in the same period last year.
The current selling price of Hoa Phat steel coil is 15.96 million Vietnamese Dong (US$673.21) per ton, and the selling price of rebar is 15.84 million VND.
Pomina, on the other hand, increased the selling price of steel coil and rebar to VND 17.57 million and VND 17.6 million per ton, respectively.
Producers said that the price increase occurred after the prices of their materials increased, and local steel producers had to increase their selling prices to reduce losses.
The increase in selling prices is also said to be due to the shortage of steel billets caused by the closure of some billets factories last year.
Hoa Phat, which has about 40% of the national rebar market share, sold 877,000 tons of rebar, hot rolled coil and steel billet in the first two months of this year, down 34% compared to the same period last year.
It is estimated that the billet shortage could end around May as some factories restart billet production.
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