Vietnam Government Rejects Steel Price Cartel Allegations
Steel Price CartelChemlink

Vietnam Government Rejects Steel Price Cartel Allegations

VN Express reported that Vietnam’s Ministry of Industry and Trade says that no cartel is behind higher steel prices, attributing the rise to costlier imports of

VN Express reported that Vietnam’s Ministry of Industry and Trade says that no cartel is behind higher steel prices, attributing the rise to costlier imports of intermediate goods. The Vietnam Association of Construction Contractors asked the government to investigate the price rise and find out if steelmakers were cooperating with each other to push up prices. The ministry said it is a baseless assumption, explaining that local steel prices depended on prices of intermediate goods needed for production, most of which are imported. The prices of intermediate goods have risen because of long shipping times as the supply chain is hindered by the on going pandemic.

According to the Vietnam Steel Association, steel prices in Vietnam have risen by 40-50% since the end of 2020. VSA has forecast that prices will continue rising until the end of the third quarter.

No stories found.
SteelGuru Business News
www.steelguru.com