Steel prices slightly decline

In recent days, domestic steel manufacturers have reduced their prices.
By June 10, most steel brands, namely Hoa Phat, Viet Y, Viet Duc, and Thai Nguyen, have adjusted the price of steel coil and steel bar to around VND17,000 per kg, down VND900-VND1,000 per kg and about VND500 per kg compared to last week, respectively.

According to the explanation of some steel trading enterprises, the steel prices have decreased slightly because many localities have entered the rainy season, so the consumption demand has weakened. On the other hand, since the beginning of the year, steel prices have soared by about 50 percent compared to the annual average, so the above reduction at the threshold of 3-5 percent is only temporary. Steel prices may increase again at the beginning of the fourth quarter, the peak of the construction season.

Previously, the Vietnam Association of Construction Contractors had to send a document to the Prime Minister to report the price fluctuations of some construction materials, including steel, whose sudden increases have negatively affected the construction of construction investment projects. At the macro level, the high prices of steel and construction materials make it difficult to control inflation and stabilize the market. Therefore, relevant ministries and sectors have proposed some solutions to curb the rising momentum of steel prices.

By Lac Phong – Translated by Thuy Doan

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