Steel prices fell for the 7th time in a row

Domestic construction steel price was adjusted down for the 7th time in a row, to 14-15 million VND/ton. Some steel companies have announced to reduce prices for CB240 coil products and CB300 D10 rebar, with a reduction of 200,000-510,000 VND/ton.

Domestic construction steel price was adjusted down for the 7th time in a row, to 14-15 million VND/ton.

Some steel companies have announced to reduce prices for CB240 coil products and CB300 D10 rebar, with a reduction of 200,000-510,000 VND/ton.

Specifically, according to Steel Online's data, compared with the downward adjustment on May 19, CB240 coil price

of Hoa Phat Steel brand in the North this time was reduced by 200,000 VND/ton, down to 14.7 million VND/ton. And the price of rebar D10 CB300 remained unchanged at 15.09 million VND/ton.

In the Central region, Hoa Phat Steel decreased by 510,000 VND/ton for CB240 coil to 14.39 million VND/ton; D10 CB300 rebar is kept at the price of 14.95 million VND/ton.

In the South, Hoa Phat Steel decreased by 200,000 VND/ton for both CB240 coil and D10 CB300 rebar, to VND 14.92 million/ton and VND 15.05 million/ton, respectively.

Similarly, Vietnam Italy Steel in the North decreased by 200,000 VND/ton for both CB240 coil and D10 CB300 rebar. The prices of these two products are VND 14.42 million/ton and VND 14.8 million/ton, respectively.

Steel prices fell for the 7th time in a row (Photo: Hoang Ha)

Viet Duc Steel brand in the North also adjusted down 200,000 VND/ton with CB240 coil, down to 14.44 million VND/ton; D10 CB300 rebar price is still at 15 million VND/ton.

Viet Nhat Steel also lowered 200,000 VND/ton with CB240 coil, to 14.62 million VND/ton; D10 CB300 rebar is kept at the price of 14.97 million VND/ton.

Following the same trend, Viet Sing Steel in the North adjusted down 200,000 VND/ton with CB240 coil, down to 14.62 million VND/ton; D10 CB300 rebar is still at the price of 14.97 million VND/ton.

Tung Ho Steel brand in the South also reduced 200,000 VND/ton with CB240 coil, selling price to 14.62 million VND/ton; D10 CB300 rebar is still at the price of 14.97 million VND/ton.

Pomina steel in the Central and the South together adjusted down 310,000 VND/ton for CB240 steel, down to 14.99 million VND/ton; D10 CB300 steel remained unchanged at 15.5 million VND/ton.

Thus, from the beginning of the year until now, the domestic construction steel price has recorded 7 consecutive decreases, depending on the brand, the frequency of price adjustment will be different. Currently, steel price fluctuates around 14-15 million VND/ton.

According to the Vietnam Steel Association (VSA), the domestic construction steel price has continuously decreased recently due to the weakening demand and the cooling of input material costs.

VSA's data shows that finished steel production in the first quarter of 2023 reached 6.692 million tons, down 20.9% over the same period in 2022; finished steel sales reached 6,068 million tons, down 25.4% over the same period last year. Meanwhile, steel exports reached 1.659 million tons, down 8.9% over the same period last year.

In the international market, steel prices tend to decrease. Today's steel price for delivery in October 2023 on the Shanghai Exchange fell 18 yuan, to 3,422 yuan/ton.

According to Hanh Nguyen/Vietnamnet.vn