Vietnamese investors and contractors are struggling to cope with rising steel prices

Although local iron and steel prices have fallen, they remain at high levels, 1.7 times more than at the end of 2020, which is hurting investors and builders. In the international market, the price of steel rods for October delivery on the Shanghai Future Exchange traded at 5,687 yuan ($ 877) per ton on Monday, nearly 5.64% less than the mid-May high but rose 30.8 % since the beginning of the year. they are only raising the prices of their products, said Mai Minh Ngọc, director of Đông Hải Steel Company. Nguyễn Công Chinh, an iron and steel trader on Giải Phóng Street, Hà Nội, told Tiền Phong that his business has never been as difficult as this year. Steel prices rise every two to three days and even rise twice a day. “Sometimes I was told by wholesalers that prices went up right after the store opened,” said Chinh. “This year steel prices have increased by 1.In June, the price for local steel is trading at around 16,200 16,500 VN, depending on the product and company, announced the Việt Nam Steel Association (VSA). The price rose by almost 50 percent annually. Manufacturers announced that they would cut steel prices by 300 VN per kg, but the drop was not much, some traders said. The latest VSA report showed that steel production reached more than 2.5 million tons in June, a decrease of 12.21 percent from the previous month. 2.1 million tons, 15.35% less than in May.