Domestic steel prices rebound from 3-year low

After nearly 3 months of stagnation, domestic construction steel prices have been adjusted. Some domestic steel enterprises have just announced price increases for CB240 rolled steel products and D10 CB300 rebars, with increases ranging from 110,000-410,000 VND/ton, depending on the brand and type.

According to data from Steel Online, compared to the adjustment on September 7, in this adjustment, the Pomina Steel brand increased the most.

Specifically, Pomina Steel in the Central region increased the price of CB240 rolled steel by 110,000 VND/ton, up to 14.59 million VND/ton. Meanwhile, Pomina increased the price of D10 CB300 rebar by 410,000 VND/ton, up to 14.79 million VND/ton.

Similarly, the Viet My Steel (VAS) brand in the Central region increased by VND150,000/ton for CB240 steel, to VND13.55 million/ton. The D10 CB300 rebar product of this brand also increased by VND410,000/ton, to VND13.96 million/ton.

Hoa Phat Steel brand also raised the price of CB240 rolled steel and D10 CB300 ribbed steel in all three regions.

In the North, Hoa Phat Steel increased the price of both CB240 rolled steel and CB300 D10 ribbed bars by VND150,000/ton. After adjustment, the price of these two steel products of Hoa Phat in the North is VND13.58 million/ton and VND13.89 million/ton, respectively.

In the Central region, Hoa Phat Steel increased the price of CB240 rolled steel by VND360,000/ton to VND13.79 million/ton. D10 CB300 ribbed steel was adjusted up by VND250,000/ton, to VND13.99 million/ton.

In the South, Hoa Phat Steel adjusted the price of CB240 rolled steel up by VND260,000/ton, to VND13.69 million/ton. D10 CB300 ribbed steel increased by VND300,000/ton, to VND14.09 million/ton.

Viet Sing Steel in the North also increased by VND210,000/ton for CB240 rolled steel, to VND13.4 million/ton; increased by VND300,000/ton for D10 CB300 ribbed steel bar, to VND13.8 million/ton.

Following the same trend, the Viet Nhat Steel (VJS) brand in the North also increased by 150,000 VND/ton for both CB240 and D10 CB300 steel lines, selling prices are 13.65 million VND/ton and 13.75 million VND/ton respectively.

Tung Ho Steel in the South simultaneously raised prices by VND150,000/ton for both CB240 and D10 CB300 steel products. After adjustment, the prices of these two products are VND13.45 million/ton and VND13.8 million/ton, respectively.

Meanwhile, Viet Y Steel in the North increased the price of D10 CB300 ribbed steel bar by 150,000 VND/ton, up to 13.84 million VND/ton. The brand's CB240 rolled steel product remains at 13.43 million VND/ton.

Thus, after 19 consecutive decreases since the beginning of the year, to the lowest level since the end of 2020, domestic steel prices have been adjusted up.

According to analysts, domestic construction steel prices have increased again thanks to improved consumption. In addition, the upward trend in raw material prices is also a factor causing steel companies to increase their selling prices.

Construction steel consumption in October has improved significantly. According to data from the Vietnam Steel Association (VSA), in October, construction steel sales reached 870,541 tons, up 22% over the same period in 2022. Of which, construction steel exports reached 168,227 tons, up 60% over October last year.

Meanwhile, in the world market, today's steel price for January 2024 delivery on the Shanghai exchange decreased by 62 yuan, down to 3,924 yuan/ton.