Steel price unlikely to decrease

HA NOI – Steel production in January was more than 502,000 tonnes, a 1.4% increase compared with the same period last year, according to the Ministry of Trade and Industry. Despite the long holiday for the Lunar New Year, steel production has increased and this month ends five consecutive months of reduced production compared with last year.

However, due to domestic and global economic downturn, the real estate market has been unable to recover and public investment remains low. Steel input costs and storage costs are higher than other fields, which makes the steel industry face further difficulties.

The Ministry of Trade and Industry affirmed that despite the stablisation of the price of materials and steel waste in the global market, demand for building steel in the domestic market had not increased, while input prices for stockpiling remained high, suggesting the steel price will not decrease in the near future. - VNS