After 15 consecutive price cuts, the construction steel price rose VND50-810 ($0.002-0.034) per kilo from August 31. The Tuyen Quang Iron and Steel Company (TQIS) posted the highest increase. According to Rong Viet Securities (VDSC), demand for construction steel will recover further and steel prices will increase in the future.
The domestic construction steel price has continued to head downwards. After the latest and 13th decline, the price now stands at VND14,640 ($0.62) - VND16,240 ($0.69) per kilo (depending on the brand and type). The reason for the continual decline is the concurrent sharp decline in input material prices and abundant supply and high inventories.
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.
