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

The downward trend of domestic construction steel prices has not stopped yet. 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 had the strongest reduction with a decrease of 210,000 VND/ton for D10 CB300 rebar, the price is 14.48 million VND/ton; CB240 coil steel remains at 14.59 million VND/ton.

Similarly, the American Steel brand reduced the price of D10 CB300 rebar by VND200,000/ton to VND13.6 million/ton.

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

Specifically, Viet Sing Steel in the North also reduced the price of D10 CB300 ribbed bars by VND100,000/ton, bringing the selling price to VND13.7 million/ton; CB240 rolled steel remains at VND13.6 million/ton.

In this price reduction, Hoa Phat Steel brand reduced the price by 100,000 VND/ton for D10 CB300 ribbed steel bar in all 3 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 compared to 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.

In the same trend, Viet Y Steel in the North reduced 100,000 VND/ton for D10 CB300 rebar, price is 13.79 million VND/ton; CB240 coil steel is still at 13.74 million VND/ton.

Viet Nhat Steel also reduced the price of D10 CB300 rebar by VND100,000/ton to VND13.6 million/ton; CB240 rolled steel is kept at VND13.8 million/ton.

Viet Duc Steel in the Central region also adjusted down 100,000 VND/ton for D10 CB300 ribbed bar products, to 14.24 million VND/ton. Meanwhile, the CB240 rolled steel product of this brand still has a selling price of 14.14 million VND/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.

According to Vietnamnet