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Saturday, July 13, 2024

Construction steel prices plunge to three-year lows

The Saigon Times

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HCMC – In the span of just one week, domestic steel prices have dropped by nearly half a million dong per ton to VND13.5-13.75 million, the lowest levels since 2020.

On August 27, Hoa Phat, which dominates 30% of the nation’s construction steel market, listed rebar D10 CB300 at VND13.74 million per ton and rolled steel CB240 at VND13.53 million per ton. These figures are VND300,000 to VND400,000 per ton lower than in the previous week.

Similar price cuts happened at other steel manufacturers such as Tungho and VAS, which have offered their products at VND13.5 million per ton in the past week. Meanwhile, VNSteel and Pomina priced their steel at VND14 million to VND14.3 million per ton. This is the 18th consecutive price decline of construction steel this year.

The drop in steel prices can be attributed to low domestic demand, which has been caused by the lackluster performance of the real estate sector. The Vietnam Steel Association forecast that construction steel prices will continue to plummet due to the prevailing weak demand.

Data from the Ministry of Industry and Trade showed that demand for imported materials for steel manufacturing plummeted by 31% in the first seven months of the year, primarily due to a significant decline in orders faced by steel exporters. The global steel demand slump has led to an almost 25% decrease in domestic market prices for these products.

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