Steel prices fell 3 times in 2 weeks

Specifically, Hoa Phat Steel Group has decreased steel price in the North with specific levels: CB240 steel decreased by 210,000 VND/ton, to 17.64 million VND/ton; CB300 steel decreased by 270,000 VND/ton, to 18.01 million VND/ton.

Kyoei Steel also decreased by 500,000 VND/ton for CB240 grade, to 17.57 million VND/ton and decreased by 390,000 VND/ton for D10 CB300, to 17.88 million VND/ton. In the southern region, the prices of these two types decreased more sharply, from 470,000 VND and 370,000 VND to 17.56 million VND/ton and 17.91 million VND/ton, respectively.

Falling steel prices will reduce pressure on contractors

Viet Duc Steel also reduced the price by 490,000 VND, to 17.32 million VND/ton for CB240 grade and 390,000 VND, to 17.98 million VND/ton for D10 CB300.

Meanwhile, Vietnam Italy steel decreased by 410,000 VND and 300,000 VND, respectively, to 17.57 million VND/ton and 17.93 million VND/ton with the two types of steel mentioned above.

Thus, from the beginning of 2022 until now, after 7 times of price adjustment, steel industry enterprises have reduced prices 3 times. Steel prices have decreased from 1 to 1.4 million VND/ton depending on the type compared to the beginning of May 2022.

The reason for the continuous decline in steel prices is attributed to the downward trend in the price of billet and input materials.

In China, steel prices also fell 5% from the beginning of the month, at about 796 USD/ton.

Normally, when the price of steel decreases, some other materials will cool down and construction companies will reduce the pressure.