October 16, 2008

Vietnam investigating steel makers to curb price hikes

It is reported that the Vietnam’s state Inspectorate announced plans to investigate skyrocketing steel prices.

The Inspectorate said after several months of spiraling construction grade steel prices it will form a team to research and analyze costs, inventories and volumes of steel purchased and sold by every business in the nation's major provinces and cities.

The Inspectorate also warned that trade fraud revealed by the probe will face the full force of the law.

Steel prices in Vietnam have reached all time highs well over VND 8 million per tonne because of a continuous rise in global prices, the country's overwhelming dependence on imported raw steel products and speculation.