Vietnam Vnsteel Continues Lowering Prices by VND100,000/Ton

Vietnam Steel Corporation (Vnsteel) have continued cutting its prices by VND50,000 and VND100,000 per ton of rolled steel and steel bars since May 31.

This was the third time the producer had cut its steel prices in May, aiming to boost its sales that has been falling since mid-April.

Currently, ex-work prices of Vnsteel (excluding VAT) stand between VND12.57 million and VND12.62 million per ton of rolled steel and between VND13.12 million per ton of steel bars.

Pomina Steel Co. Ltd. (POM), listed on the Hochiminh Stock Exchange, has also reduced its prices by VND300,000/ ton of steel bars and VND400,000/ton of rolled steel.

The country’s steel sales dropped to 250,000 tons in May, compared to 300,000 tons in April and 560,000 tons in March while its steel output fell to 300,000 tons from 400,000 tons in April, the Vietnam Steel Association’s Chairman Pham Chi Cuong said.

Vietnam reported 300,000 tons of steel in stock in late May.

Tags: Vietnam steel industry, Vietnam steel market, Vietnam steel prices, Vnsteel