Steel prices drop another half million VND/ton
Many businesses announced steel price reductions starting May 27, with reductions of up to VND500,000/ton. This is the second consecutive steel price reduction in less than half a month, with a total reduction of nearly VND1 million/ton.
A series of steel brands announced to continue reducing selling prices from May 27. Accordingly, Hoa Phat steel brand in the North reduced the price of CB240 steel by 210,000 VND/ton, down to 17.64 million VND/ton. Similarly, Hoa Phat also reduced the price of D10 CB300 steel by 270,000 VND/ton, down to 18.01 million VND/ton. In the South, the price of Hoa Phat's CB240 coil steel and D10 CB300 steel bars was reduced by 370,000 VND/ton, down to 17.56 million VND/ton and 17.91 million VND/ton, respectively.
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Construction steel is on sale. |
Kyoei Steel also adjusted the selling price of CB240 steel and D10 CB300 steel in the North by VND500,000/ton and VND390,000/ton, respectively, to VND17.57 million/ton and VND17.88 million/ton. The above two types of steel in the South were also reduced by VND470,000/ton and VND370,000/ton, respectively, to VND17.56 million/ton and VND17.91 million/ton.
Following the same trend, the Viet Y steel brand also lowered the selling price for two products CB240 steel and D10 CB300 steel by 410,000 VND/ton and 300,000 VND/ton to 17.57 million VND/ton and 17.93 million VND/ton.
Viet Duc Steel brand also reduced the price of CB240 rolled steel by 490,000 VND/ton and D10 CB300 steel bars by 390,000 VND/ton. The selling price of these two products after the discount is 17.32 million VND/ton and 17.98 million VND/ton.
Southern Steel brand also adjusted down 410,000 VND/ton for CB240, price down to 17.57 million VND/ton; down 300,000 VND/ton for D10 CB300 steel, selling price down to 17.88 million VND/ton.
This is the second consecutive steel price reduction in the past half month. Ten days ago, many businesses also reduced steel prices by 300,000-450,000 VND/ton. Thus, in less than half a month, domestic steel prices have decreased by nearly 1 million VND/ton.
Since the beginning of the year, domestic construction steel prices have undergone 10 adjustments, including 7 increases and 3 decreases. Steel prices are 1-1.5 million VND/ton lower than in early April. Of which, Hoa Phat's CB240 steel in the North decreased by 1.48 million VND/ton; Viet Y's CB240 steel decreased by 1.32 million VND/ton; and Southern Steel's CB240 steel decreased by 1.42 million VND/ton.
The reason for the sharp decline in domestic steel prices after a period of rapid increase is believed to be the downward trend in prices of steel billets and input materials. The prices of raw materials used in steel production have been continuously decreasing since the end of March, causing the steel market to stagnate.
The "zero covid" policy has caused a sharp drop in China's steel demand. China is the world's largest steel consumer market, causing global steel demand to decline. The decrease in demand and the cooling of input material prices have put pressure on steel prices in domestic construction.
