Domestic steel prices surged by up to 800 VND/kg on March 17th at many major companies.

On March 17th, the domestic construction steel market recorded a strong price increase at key brands such as Hoa Phat, Viet Duc, and Viet Y, with the highest adjustment reaching 800 VND/kg. This development occurred amidst narrow fluctuations in raw material and finished steel prices on international exchanges, directly influenced by China's import policies and the slowdown in the European industry.

Domestic steel prices have risen sharply across many brands.

According to data from SteelOnline, Hoa Phat Group has adjusted the price of CB240 steel coils and D10 CB300 steel to 14,720 VND/kg, an increase of 460 VND/kg compared to the previous period. In the Northern region, Viet Y Steel also recorded an increase of 300 VND/kg for both CB240 (14,440 VND/kg) and D10 CB300 (14,340 VND/kg) types.

Notably, Viet Duc Steel saw the most significant price adjustments in the market. Specifically, the company increased the price of CB240 steel coils by 600 VND/kg and CB300 steel by 800 VND/kg, bringing both types to a uniform price of 14,550 VND/kg. Conversely, some companies such as Kyoei Steel and Pomina Thai Nguyen maintained stable prices ranging from 13,740 to 14,140 VND/kg depending on the type.

Global markets are experiencing mixed trends.

In contrast to the sharp increase domestically, steel and raw material prices on international exchanges recorded narrow fluctuations:

• Shanghai Stock Exchange:The price of steel rebar for April 2026 delivery fell slightly by 0.2% (equivalent to 6 CNY), to 3,140 CNY/tonne.
• Dalian Stock Exchange:Iron ore futures prices for the same period rose 0.6% (5 CNY), reaching 812.5 CNY/tonne.
• Singapore Stock Exchange:Iron ore futures for April 2026 delivery fell by $0.71, currently trading around $107 per ton.

The main reason for the cautious global commodity prices is that China Mineral Resources Group (CMRG) has extended its restrictions on iron ore imports from BHP. This is the second time in two weeks that these restrictions have been imposed, as the two sides are negotiating contract terms for 2026.

Market trend analysis

Besides the supply from China, the global steel market is also under pressure from the decline in coking coal prices and signs of slowing industrial activity in Europe. Overall, the sharp price increase in the Vietnamese market is localized, reflecting specific fluctuations in domestic supply and demand and the pricing strategies of each major steel company in response to new economic variables.