Steel costs in Vietnam
Vietnam — Steel has hit a new high after a series of rapid price increases from June through to October 2021 when they increased by more than 50 per cent compared to the beginning of the year.
Demand for iron ore for steel production is forecast to increase significantly in 2021 compared to 2020.
According to the Ministry of Industry and Trade , as governments around the world issued economic stimulus packages of tens of trillions of dollars to revive their economies, the prices of primary materials such as steel increased.
In Việt Nam, after a feverish December in 2020 for steel prices, “The steel market has stabilized and formed a new higher price level.”
Prices of finished steel products have remained very high per tonne since the start of this month compared to June, when the price for a tonne of finished products was $300 per tonne lower. Earlier in 2021, the products were listed 30-50% higher, causing lots of trouble in the construction industry.
The association also forecast demand for iron ore and steel scrap for steel production would increase significantly in 2021 compared to 2020
VIETNAM SEEKS TO STABILIZE STEEL PRICES
The government has asked steelmakers to implement several steps to control rising steel prices that are hurting construction contractors.
Deputy Prime Minister Le Minh Khai has asked the Ministry of Industry and Trade to push for increased domestic steel production towards stabilizing prices. Steel production in Q1 reached 7.6 million tons, a year-on-year increase of 34 percent, according to the Vietnam Steel Association .
VIETNAMESE EXPORTS NOTES
Steel costs are always hard to negotiate with any Structural Steel project and in a different Country like Vietnam you really don’t know if you are getting the correct costing for your project. Basically an Australian Company looking at Fabricating in Vietnam unfortunately will find costs higher than normal or higher than what they should be.
Vietnamese Exports in partnership and investing with our Vietnamese factories and working in Vietnam we are able to secure long term pricing for structural Steel at the “ correct fabrication cost “. Our long term partnerships with our Vietnamese factories enable us to provide a more competitive Cost for Australian Companies.
Are you getting the best or the correct costings in Vietnam / Asia for your Structural Steel projects ? Are your Projects the Number 1 priority ? Are your Projects being 100% managed ?
Contact Vietnamese Exports for more information and Quoting your next Structural Steel Project
Correct Pricing – Quality Steel Fabrication – All to Australian Standards