A number of steel businesses have announced increases to retail prices of construction steel after leaving them unchanged for a long period of time, as part of efforts to cover rising production costs and curb losses.

Prices increased by VND100,000-160,000 ($4.2-6.7) per ton to between VND15 million ($627) and VND16 million ($677) per ton, depending on the type.

The Vietnam Steel Association said the price hikes are mainly driven by higher import prices for materials, which are forecast to continue increasing.

The price rises by local steel makers are aimed at making up for rising production costs and reducing losses. Both steel production and consumption in the first two months of 2023 fell significantly year-on-year.

Vietnam produced nearly 4.3 million tons during the two-month period, down 16.3 per cent.

Steel consumption, meanwhile, stood at over 3.85 million tons, down 23.2 per cent.