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Steel price decreased by half a million dong/ton

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A report from the Vietnam Steel Association (VSA) said that the price of iron ore grade last week traded at 139 USD/ton CFR Tianjin port, China, down about 16 USD/ton compared to the beginning of April. 2022. This price is about 71-73 USD/ton lower than the highest price recorded in early May 2021 (about 210-212 USD/ton).

Steel price Scrap imported from Dong A port was at US$530/ton, down US$94/ton compared to the beginning of April 2022. In April 2022, domestic scrap steel price decreased from 1-1.2 million dong/ton, staying at 12.1-13 million dong/ton in April 2022.

The price of imported scrap steel has also decreased by 80 USD/ton, staying at 570 USD/ton at the end of April. Hot rolled steel price (HRC) on May 9, 2022 at 797 USD/ton, CFR Dong A port, down about 81 USD/ton compared to the transaction price in early April 2022.

With the decrease in world raw material prices, the domestic price of construction steel in early May 2022 has been adjusted down by an average of 300,000-500,000 VND/ton since the end of April 2022, currently at an average of 18,250-18,500 VND/kg, depending on the type of product and each enterprise.

The Vietnam Steel Association said that the production capacity of domestic steel enterprises has met the demand for the domestic market. However, domestic raw materials only meet 20-30% of production needs, the rest still depends on imports. Therefore, the price of steel in Vietnam depends almost entirely on the world price of raw materials.

The reduction of steel prices will help contractors for transport infrastructure, public investment or industrial civil construction accelerate construction due to less pressure and difficulties when prices are high. building materials higher. Currently, steel accounts for about 20-30% of construction costs of construction contractors in each project.

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