Steel prices fall for 16th consecutive day, hit 3-year low

Domestic construction steel prices have been adjusted down for the 16th consecutive time, bringing selling prices to the lowest level since the end of 2020.

The decline of construction steel price Domestic steel prices have not yet stopped. Some domestic steel enterprises have just announced a price reduction of 100,000-210,000 VND/ton for D10 CB300 rebar products.

According to data from Steel Online, compared to the adjustment on July 22, in this price reduction, Pomina Steel In the Central region, the price of D10 CB300 rebar steel decreased the most by 210,000 VND/ton, down to 14.48 million VND/ton; CB240 coil steel remained at 14.59 million VND/ton.

Similarly, the brand American Steel reduced by 200,000 VND/ton for D10 CB300 ribbed steel bar, down to 13.6 million VND/ton.

Meanwhile, the remaining steel brands all decreased by 100,000 VND/ton for D10 CB300 rebar steel.

Specifically, Viet Sing Steel In the North, the price of D10 CB300 ribbed bars was also reduced by 100,000 VND/ton, bringing the selling price to 13.7 million VND/ton; CB240 rolled steel remained at 13.6 million VND/ton.

Domestic construction steel prices fall for 16th consecutive time, hitting 3-year low (Photo: Hoang Ha)

In this sale, the brand Hoa Phat Steel reduced the price by 100,000 VND/ton for the D10 CB300 ribbed steel bar line in all three regions. The adjusted prices in the North, Central, and South are 14.04 million VND/ton, 13.89 million VND/ton, and 13.99 million VND/ton, respectively. The price of CB240 coil steel remains the same as the previous adjustment; the selling price of CB240 coil steel of this brand in the North, Central, and South are 14.04 million VND/ton, 13.84 million VND/ton, and 14.14 million VND/ton, respectively.

Same trend, Viet Y Steel In the North, the price of D10 CB300 rebar decreased by 100,000 VND/ton, to 13.79 million VND/ton; the price of CB240 coil steel remained at 13.74 million VND/ton.

Viet Nhat Steel The price of D10 CB300 rebar also decreased by 100,000 VND/ton, to 13.6 million VND/ton; the price of CB240 coil steel was kept at 13.8 million VND/ton.

Viet Duc Steel In the Central region, the price of D10 CB300 ribbed bar products was also adjusted down by VND100,000/ton to VND14.24 million/ton. Meanwhile, the CB240 rolled steel product of this brand still has a selling price of VND14.14 million/ton.

Thus, since the beginning of the year, domestic construction steel prices have experienced 16 consecutive decreases, with different price adjustment frequencies depending on the brand.

Currently, domestic steel prices are around 13-14 million VND/ton. This is the lowest level since the end of 2020.

The Vietnam Steel Association (VSA) said that the reason for the continuous decline in domestic steel prices is due to slow consumption demand. In addition, steel prices have decreased because businesses have to compete with cheap steel from China as this country continuously lowers its export prices. The domestic steel market is expected to continue to face difficulties in the short term.

Faced with the situation of continuously decreasing steel prices but still sluggish consumption, domestic steel enterprises are facing a serious decline in profits.

In the world market, today's steel price for May 2024 delivery on the Shanghai exchange decreased by 14 yuan, down to 3,625 yuan/ton.

Source