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Steel prices make (Vietnamese) industry edgy
Source: BVOM, September 24, 2007
The State Inspectorate announced plans to investigate skyrocketing steel prices.
After several months of spiraling construction-grade steel prices, the Inspectorate said 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 VND8 million per tonne - because of a continuous rise in global prices, the country's overwhelming dependence on imported raw steel products and speculation.
Following the State Inspectorate's example, the Vietnam Steel Corporation (VSC) discovered in June 100,000 tonnes of steel hoarded by traders in the country's northern region. The stock was equal to a month's supply for the region.