High prices still stand as a problem for Vietnamese steel industry

High prices still stand as a problem for Vietnamese steel industry

According to recent news in the market, Vietnamese steel industry, the prices of which depend on international market, still suffers from high prices. It is stated that steel sales of domestic producers decreased by 35-40%. As previously reported by SteelOrbis, Vietnamese government had reduced import tariff on seventeen types of steel products to 0% level to be in effect as of March 1, 2004. With this regulation, the prices were expected to decline. Moreover, steel prices in international markets have started declining with Chinese steel sector's cooling down however the prices in Vietnam still remain at high levels. In the framework of these developments, steel producer in Vietnam demand government to increase tariffs from its current level of 0% to 10% level on steel products imported from ASEAN countries and 20% for the imports from other countries. It is reported that, the government has not made an official statement regarding the subject yet.