The Vietnam Steel Association (VSA) on February 1 said the steel market would not see prices shoot up suddenly this year as many newly built steel plants were expected to ensure supply.

Last month, steel prices at domestic plants rose by VND90,000-120,000 a ton over December last year, sending wholesale prices to VND11.7-11.74 million a ton in the north and to VND11.52-12.12 million a ton in the south.

Competition among producers for products including construction steel and metal-plated sheets, however, is expected to be fierce this year.