STEEL PRICES FALL FOR THE 10TH CONSECUTIVE TIME – GRADUALLY EASING THE PRICE FEVER

Domestic steel prices have continued to fall by as much as VND 360,000 per ton. This is the 10th consecutive price reduction since May 11. Over the past more than two months, steel prices have fallen by a total of more than VND 3.6 million per ton at the highest level.

Steel Price Movements of Companies

On July 22, many domestic steel companies announced further reductions in product prices, with the highest reduction reaching VND 360,000 per ton.

Specifically, Hoa Phat Steel reduced the prices of CB240 rebar coils and D10 CB300 deformed steel bars by VND 300,000 per ton and VND 110,000 per ton, respectively, in the northern region, bringing them down to VND 15.69 million per ton and VND 16.39 million per ton. In the southern region, Hoa Phat Steel reduced CB240 rebar coils by VND 200,000 per ton and D10 CB300 deformed steel bars by VND 210,000 per ton, with the adjusted selling prices at VND 15.79 million per ton and VND 16.29 million per ton, respectively.

Similarly, Viet Y Steel also reduced the prices of CB240 rebar coils and D10 CB300 products by VND 360,000 per ton and VND 200,000 per ton, respectively, bringing the selling prices down to VND 15.55 million per ton and VND 16.16 million per ton.

Viet Duc Steel also reduced the prices of CB240 rebar coils and D10 CB300 deformed steel bars by VND 310,000 per ton and VND 200,000 per ton, respectively, bringing the selling prices down to VND 15.55 million per ton and VND 16.16 million per ton.

Meanwhile, Kyoei Steel also reduced the price of CB240 steel by VND 310,000 per ton and D10 CB300 steel by VND 200,000 per ton, bringing the selling prices after the reduction to VND 15.5 million per ton and VND 16.16 million per ton.

Tung Ho Steel also adjusted its prices downward by VND 300,000–110,000 per ton for CB240 rebar coils and D10 CB300 deformed steel bars, bringing the selling prices down to VND 15.53 million per ton and VND 15.88 million per ton.

Following the same trend, Viet My Steel also lowered the selling prices of CB240 rebar coils and D10 CB300 by VND 310,000 per ton and VND 200,000 per ton, respectively, bringing the selling prices down to VND 15.55 million per ton and VND 15.91 million per ton.

This was the 10th reduction in domestic steel prices since May 11. Therefore, over the past more than two months, domestic steel prices have fallen by more than VND 3.6 million per ton at the highest level, depending on the brand, type of steel, and region. Steel prices currently range around VND 15–16 million per ton, depending on the type of steel and brand.

What Causes Steel Prices to Continue Falling?

The reason domestic steel prices reversed course and fell sharply after a period of rapid increases is believed to be the downward trend in global steel billet and raw material prices. Since the end of March, raw material prices for steel production have continuously declined, causing the steel market to slow down.

In addition, the high prices of some types of construction materials in recent times have caused difficulties for many construction companies, disrupted their operations, and consequently reduced demand for steel. Furthermore, tighter policies on the flow of capital into the real estate sector have also affected steel demand.

Regarding steel prices in the coming period, many experts stated that domestic construction steel prices would continue to decline. Domestic steel prices could continue to fall through the end of the third quarter.

Since the beginning of the year, domestic steel prices have fluctuated significantly. During the first three months of the year, steel prices increased seven times consecutively, at one point reaching VND 21 million per ton. However, since May 11, steel prices have fallen continuously. In just over two months, steel prices have been reduced 10 times consecutively, with the highest total reduction reaching more than VND 3.6 million per ton.

In contrast to steel, the prices of some other construction materials have increased sharply. For example, cement prices have increased three times since the beginning of the year. Compared with one year ago, concrete sand has also increased in price by more than 20%. Many other construction materials, such as bricks and stone, have also seen slight price increases.

Source: Vietnamnet/Hanh Nguyen

Original article: https://vietnamnet.vn/gia-thep-giam-lan-thu-10-lien-tiep-2042343.html

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