After a continuous increase from the beginning of the year until now, the domestic steel price simultaneously cooled down to more than 600,000 VND/ton.
Recently, domestic steel enterprises have simultaneously adjusted down construction steel prices after 6 consecutive increases since the beginning of this year. Accordingly, steel Viet Duc, Hoa Phat, Viet Italy, Viet Sing... adjusted with an average reduction of 100,000-610,000 VND/ton. Currently, the price of this item is around 15-17.6 million VND/ton depending on the brand and type of steel.
Specifically, in this correction, Pomina steel brand had the strongest decrease. Accordingly, in the South, CB240 coils decreased by 610,000 VND/ton to 16.68 million VND/ton; D10 CB300 rebar decreased by 510,000 VND/ton, to 16.88 million VND/ton. Meanwhile, in the Central region, the prices of these two items remained the same.
Meanwhile, Hoa Phat adjusted down 300,000 VND/ton for CB240 coil in the North, after adjusting this steel price to 15.66 million VND/ton. Similarly, D10 CB300 rebar decreased slightly by 100,000 VND/ton, from 15.99 million VND/ton to 15.89 million VND/ton. Hoa Phat Steel in the South also had a similar decrease.
Vietnam Italy steel brand also turned down 310,000 VND/ton with CB240 coil to 15.6 million VND/ton, and D10 CB300 rebar to 15.55 million VND/ton; Viet Duc Steel also adjusted down 310,000 VND/ton to 15.4 million VND/ton with CB240 coil.
Thus, this is the first decrease of steel price after about 6 times of upward adjustment, depending on the brand. Currently, the price of steel is about 16 million VND/ton. However, this price is still much higher than the average of 12.5 million dong/ton before the hot surge lasting from March to early May 2022.
Explaining the reason for the decrease in steel prices, steel manufacturers said that the price of billet and input materials is in a downtrend. According to the Commodity Exchange of Vietnam (MXV), steel prices may fall further in the coming period, especially when Chinese steel producers are continuously reducing HCR steel prices in Vietnam.
In addition, real estate still faces many difficulties, which will still make the demand problem difficult. However, steel consumption in the third and fourth quarters is forecasted to grow strongly thanks to a series of factors on disbursement of public investment capital and policies to promote social housing.
Meanwhile, at the recent 2023 Annual General Meeting of Shareholders, Mr. Tran Dinh Long, Chairman of the Board of Directors of Hoa Phat Group, affirmed that the most difficult period of the steel industry has passed, the long-term prospect of the steel industry has passed. industry is positive.
However, the steel billionaire emphasized that the industry's recovery speed will depend entirely on market demand. Currently, market demand is still too low, not only in the steel industry but also in many other industries.
According to Thanh Thuong/Zingnews.vn
