Vietnam Steel sets floor and ceiling price for steel

Vietnam Steel sets floor and ceiling price for steel

Vietnam Steel Corporation set floor and ceiling price levels for construction steel in order to prevent price hikes in the market. The price of construction-grade steel has reportedly increased 3% since February, due to rising raw material costs. Upon the instruction of the government, Vietnam Steel Corp set floor and ceiling prices levels for ex-works steel as VND 7 million ($443) and VND 7.45 million ($471), respectively. Moreover, the company, which meets 60% of local demand, instructed its retailers not to sell steel for more than VND 8 million ($506). Sources add that the Vietnamese government may also adjust import duties on steel ingots and restructure the steel distribution network.