Domestic construction steel price on June 27 decreased to 300,000 VND/ton from June 27

On June 27, many steel enterprises continued to lower product prices with a reduction of up to 300,000 VND/ton. This adjustment is the 7th consecutive decrease since May 11.

Accordingly, in the North, Hoa Phat adjusted down 150,000 VND/ton and 300,000 VND/ton for CB240 coil and D10 CB300 rebar. After adjustment, the price of these two types is 16.5 million VND/ton and 16.8 million VND/ton.

Hoa Phat steel price movement in the North. Source: Steel Online

With Vietnam Italy steel, CB240 and D10 CB300 decreased by 150,000 VND/ton and 200,000 VND/ton, respectively, to 16.36 million VND/ton and 16.77 million VND/ton.

Regarding Viet Duc steel, the above two types of steel decreased by 150,000 VND/ton and 300,000 VND/ton, respectively, to 16.36 million VND/ton and 16.77 million VND/ton.

For Kyoei steel, today’s prices are VND 16.26 million/ton and VND 16.66 million/ton for CB240 and D10 CB300 after a reduction of VND 200,000/ton and VND 210,000/ton respectively.

Thus, within more than 6 weeks, steel price recorded the 7th decrease with a total decrease of more than 2.8 million VND/ton, depending on the brand and type of steel.

Rebar in China recovered 1.7% compared to the end of last week

According to Trading Economics, the price of rebar futures in China on June 27 was 4,374 yuan / ton, up 1.7% compared to the end of last week. Previously, the price of this item continuously decreased from June 16 to June 23 and recovered from June 24. The price is currently about 7% lower than the 16/6 peak.

Diễn biến giá thép thanh vằn tương lai tại Trung Quốc. Nguồn: Trading Economics

In terms of spot prices, according to Sunsirs, in the last week, steel prices had mixed movements. Rebar rose 0.3% and traded at 4,232 yuan/ton ($632/ton). Cold rolled coil increased 0.2 percent to 4,930 yuan per tonne ($736 per ton).

Meanwhile, the price of hot-rolled coil was at 4,322 yuan/ton (US$646/ton) on the weekend of June 24, down nearly 1% from the first day of the week. Stainless steel prices rose 0.4% and traded at 16,817 yuan/ton ($2,513/ton).

According to Bloomberg, many steel mills stopped working in June and inventory levels in mid-June increased by 10.7% compared to the beginning of the month and about 82% higher than that of the beginning of the year. High inventories plus a re-emergence of Covid-19 and rain in many areas drag down steel demand.

In the middle of last week, China pledged to step up policies to support economic growth to achieve its goals for the year. After the move of the Chinese government, iron ore and steel prices showed signs of recovery.

In terms of spot prices for non-ferrous metals, tin fell the most with 10.6% last week, trading at 218,110 yuan/ton ($32,603) at the weekend. Nickel fell 9.1% to 188,816 yuan/ton ($28,224/mt).

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