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According to information from the Vietnam Steel Association (VSA), due to the decrease in the price of raw materials for production, the steel price decreased by 300,000-500,000 VND/ton. Steel price is currently over 18 million VND/ton.
According to a report from VSA, the price of iron ore grade last week traded at 139 USD/ton CFR Tianjin port, China, down about 16 USD/ton compared to the beginning of April 2022.
This price is about 71-73 USD/ton lower than the highest price recorded in early May 2021 (about 210-212 USD/ton).
The price of imported steel scrap at Dong A port is at $530/ton, down $94/ton compared to the beginning of April 2022. In April 2022, domestic scrap steel price decreased from 1-1.2 million dong/ton, staying at 12.1-13 million dong/ton in April 2022.
The price of imported scrap steel has also decreased by 80 USD/ton, staying at 570 USD/ton at the end of April.
Hot rolled steel (HRC) price on May 9, 2022 was at 797 USD/ton, CFR Dong A port, down about 81 USD/ton compared to the transaction price in early April 2022.
In general, the world HRC market fluctuates, making it difficult for the domestic HRC market because flat steel producers (cold rolled steel, galvanized steel, steel pipes...) use HRC as raw materials for production.
According to the Vietnam Steel Association, the price of raw materials has decreased continuously since the end of March, causing the market to slow down.
Distributors are trying to reduce inventory, so the factory's sales volume is much lower than usual. Factories looking for more markets to boost exports to Cambodia, Hong Kong (China), Canada, the United States...
Previously, in the first months of 2022, Vietnam's economy recovered more and more clearly with brighter colors thanks to the Government's drastic restoration and opening of economic, cultural, social, and psychological activities. Distributors take advantage of commodity speculation before the price rises to make a profit in the short term, steel mills increase selling prices but regulate the limited sales volume.
However, from April 2022 until now, the world raw material price market reversed to decrease due to the decrease in demand. The "Chinese steel" market experienced a sharp drop in demand due to the government's policy with the COVID-19 epidemic wave.
With the decrease in world raw material prices, the domestic price of construction steel in the beginning of May 2022 has been adjusted down by an average of 300,000-500,000 VND/ton since the end of April 2022, currently at an average of 18,250-18,500 VND/kg, depending on the type of product and each enterprise.
Specifically, the price of "Hoa Phat steel" grade D10 decreased by 310,000 VND/ton, to 18.63 million VND/ton (excluding VAT); CB240 coil also decreased by 300,000 VND/ton to 18.4 million VND/ton.
Viet Italy Steel Company also announced a reduction of 310,000 VND/ton for 2 products. Currently, the price of CB240 steel coil of this brand is at VND 18.58 million/ton; D10 CB300 rebar is VND 18.68 million/ton.
In the North, Viet Duc steel brand adjusted down 310,000 VND/ton for CB240 coil and 300,000 VND/ton for D10 CB300 rebar. After the discount, the prices of these two products are currently VND 18.57 million/ton and VND 18.88 million/ton, respectively.
The selling price of steel at the Vietnam Steel Corporation is 18.75-19.1 million VND/ton (excluding VAT).
According to Mr. Khac Khanh, steel dealer in Hanoi, although the price has cooled down compared to March - when the retail price of steel increased to more than 20 million VND/ton, the current price is still higher than at the time. end of 2021.
From the beginning of the year until now, steel prices have continuously adjusted, with an increase of 3-4 million VND/ton. With the current decrease, steel dealers expect, sales will be better.
According to the data of the Vietnam Steel Association (VSA), in the first four months of the year, the steel industry produced more than 11.4 million tons of finished steel, an increase of more than 2% compared to the same period in 2021. Steel consumption reached nearly 10 million tons. 6 million tons, up 4% over the same period in 2021; in which exports are nearly 2.5 million tons (up over 9%).
Particularly for construction steel, domestic production in April 2022 reached more than 1.14 million tons, down more than 18% compared to March 2022 and down 3.8% over the same period. Consumption reached more than 884,000 tons, up 38.7% over the previous month but down 33.6% over the same period.
According to VSA, the production capacity of Vietnamese steel enterprises has met the demand for the domestic market. However, domestic raw materials only meet 20-30% of production needs, from 70-80% of raw materials still depend on imports. Therefore, the price of steel in Vietnam is almost dependent on the world price of raw materials.
The reduction in steel prices will help contractors for traffic infrastructure, public investment or industrial and civil construction accelerate construction due to less pressure and difficulties when the price of construction materials increases. They hope the construction steel price reduction chain will be extended in the near future to reduce the cost burden.
Currently, steel accounts for about 20-30% of construction costs of construction contractors in each project.../.
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