Vietnam begins probe into steel price hike

Posted on 16 August 2007

Source: Steelguru- 15 Aug 2007

It is reported that a Vietnamese government team comprising of inspectors drawn from the Vietnam's ministries of finance and trade & industry has begun a week long inspection of 5 major steel firms as part of a probe into the recent steel price hike criticized as unjustified by authorities.

The team would appraise production costs at the Thai Nguyen Iron & Steel Company, Vinausteel Company, Dinh Vu Steel Company, Southern Steel Company and Vinakyoei.

The government decided earlier this month to carry out the study saying the steel price hike had hurt economic growth. It had said that it is a burden on consumers and set back the progress of major construction projects, it said.

The finance ministry's price management department had demanded detailed reports from steel manufacturers about their production costs and import prices. The manufacturers, however, refused citing competition.



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