Businesses cut the domestic construction steel price by between VND60 ($0.003) and VND810 ($0.03) per kilo on August 22. This is the 15th cut since mid-May.
The domestic construction steel price has been cut by between VND150 and VND400 per kilogram to VND15,810 to VND17,100. Explaining the cut, the Vietnam Steel Association (VSA) said input material prices fell in May and June due to a lack of demand, even during the peak construction season. Abundant supply, large inventories, and low exports are also behind the cut.
The price of domestic construction steel has recently been cut by enterprises by between VND50 and VND310 per kilo. Thus, from June 19 to June 27, construction steel saw prices cut twice and from May 11 to June 27 seven times. The steel price is now VND15,960 - 17,760 ($0.68 - 0.76) per kilo.
