In May, construction steel price has had 3 consecutive declines and is currently fluctuating from 17.3 to 18.6 million VND/ton, depending on brand and type.
At the end of May, major steel brands simultaneously adjusted construction steel prices from 270,000 to 500,000 VND/ton. Currently, the price of construction steel is fluctuating from 17.3 to 18.6 million VND/ton, data of
Specifically, Hoa Phat steel brand adjusted down the selling price of construction steel. Accordingly, the price of CB240 coils decreased by 370,000 VND/ton, to 17.4 – 17.5 million VND/ton; Rebar D10 CB300 decreased by 270,000 – 370,000 VND/ton, fluctuating 17.9 – 18 million VND/ton.
(Source: Steel Online)
For Viet Duc steel brand, CB240 coil price decreased by 490,000 – 500,000 VND/ton, currently at 17.3 – 17.5 million VND/ton; and rebar D10 CB300 decreased by 390,000 VND/ton, to nearly 18 million VND/ton.
Similarly, Pomina steel also adjusted down by 300,000 VND/ton and 400,000 VND/ton respectively with two lines of CB240 and D10 CB300 steel coils, down to nearly 18.3 million VND/ton and nearly 18.6 million VND/ton, respectively. .
Viet Nhat Steel also adjusted down 340,000 VND/ton with CB240 coil, to nearly 17.4 million VND/ton and down 440,000 VND/ton with D10 CB300 rebar, currently priced at 17.6 million VND/ton.
(Source: Steel Online)
Usually, the period from March to May is the peak of the construction season, steel prices often increase. However, this year, steel prices continued to plunge, with three consecutive declines in May.
According to the Vietnam Steel Association (VSA), the continuous decrease in the price of raw materials from the end of March until now has caused the market to slow down.
Specifically, the price of iron ore grade (62% Fe) on May 9 traded at 139 USD/ton CFR Tianjin port, China, down about 16 USD/ton compared to the beginning of April. This price decreased. about 71-73 USD/ton compared to the highest price recorded in early May 2021 (210 – 212 USD/ton).
The price of HMS 1⁄2 80:20 scrap steel imported to East Asia ports was at $530/ton CFR East Asia on May 9, down $94/ton compared to the beginning of April.
Another reason is that distributors are looking for ways to reduce inventory, so the number of factories shipped is much lower than usual.
By the end of April, construction steel inventories at factories were about 900,000 tons, nearly double the same period last year.
While domestic consumption was weak, construction steel exports in April also dropped sharply by 44% compared to before. These factors cause the domestic construction steel market to cool down rapidly.
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