Since mid-September, construction steel prices on the market have been adjusted upward by manufacturers, of which Hoa Phat ribbed steel bars have increased by 460,000 VND per ton.
On October 8, according to SteelOnline.vn, in the Northern market, the brand Hoa Phat steel, CB240 coil steel line is at 13,580 VND/kg; D10 CB300 ribbed steel bar is priced at 13,790 VND/kg.
Viet Y Steel brand, CB240 rolled steel line is priced at 13,530 VND/kg; D10 CB300 ribbed steel bar is priced at 13,640 VND/kg.
Viet Duc Steel, CB240 coil steel line is at 13,530 VND/kg, D10 CB300 ribbed steel bar is priced at 13,890 VND/kg.
Viet Sing Steel, CB240 rolled steel is priced at 13,500 VND/kg; D10 CB300 ribbed steel is priced at 13,700 VND/kg.
VAS steel, with CB240 coil steel line at 13,500 VND/kg; D10 CB300 ribbed steel bar is priced at 13,600 VND/kg.
Last weekend, Hoa Phat (HPG) adjusted its selling price. steel construction, the second time in October. Specifically, CB240 rolled steel and D10 CB300 bar steel both increased by VND100,000 to VND13.58 and VND13.79 million per ton, respectively. Particularly, rebar steel has increased in price for the third consecutive time since mid-September until now with an amplitude of VND460,000 per ton.
Other brands such as Viet Y, Viet Duc, Viet Sing, Kyoei Vietnam, VJS... also changed prices since the beginning of the month. Depending on the type, the price will increase by 100,000-170,000 VND after each adjustment, some types increased twice in a row just last week.
Therefore, after recent price increases, construction steel is being sold at around 13.5-14 million VND per ton. This price level is returning to the same level as in late July and early August, before a sharp decline occurred throughout the following period.
Data from FinSuccess shows that output steel Hoa Phat's sales in the first 8 months reached more than 1.05 million tons, an increase of over 40% over the same period last year. Of which, the domestic channel increased by nearly 22.5% and exports increased by nearly 54%.
Nam Kim Steel (NKG) had a consumption of more than 621,400 tons, an increase of more than 26%. Meanwhile, Ton Dong A (GDA) reached more than 588,300 tons, an increase of more than 16%.
According to statistics from the Vietnam Steel Association (VSA), construction steel production in the first 8 months of this year reached 7.8 million tons, up 14% over the same period. Sales reached 7.77 million tons, up 15%. Of which, exports recorded a 20.5% increase over the same period, reaching more than 1.1 million tons.
VSA assessed that domestic production volume has recovered, but domestic steel demand remains low, not as expected during the construction season. In addition, competition to protect market share among factories, including imported goods, makes the market more difficult.
Regarding the steel market developments in the last quarter of the year, MB Securities (MBS) forecasts that domestic steel prices may recover due to reduced pressure from China and improved demand. Specifically, the recovery of Chinese steel prices narrows the gap and reduces the price advantage of imported steel from this country. In terms of demand, improved housing supply and increased public investment disbursement become growth drivers for domestic steel prices.
Accordingly, in the fourth quarter of 2024, MBS Securities Company expects domestic construction steel prices to recover 5% from the bottom in August. According to their estimates, construction steel prices could reach an average of 571 USD per ton (nearly 14.2 million VND). In 2025, construction steel could increase by 7% thanks to demand growth and reduced pressure from China.
Experts predict that with China’s support in the real estate sector and economic stimulus policies, steel and other industrial metals prices will continue to be supported. This creates growth prospects for the steel industry in the coming time, especially when China - the world’s largest steel producer and consumer - is stepping up economic recovery measures.
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