Steel prices continue to drop

Since early May, the price of steel has continued to decline sharply due to the falling price of imported steel on the world market, at US$620 per tonne, a drop of US$20/ tonne over the level in mid April.

Purchasing power in the domestic market has also seen a marked reduction in recent times.

The price of rolled steel sold by the Vietnam Steel Company in the southern region ranges from VND13.8 million- 14 million/tonne, not including VAT.

The retail price in the northern provinces is between VND16-16.4 million/tones while price levels in the southern provinces range between VND15.6-16 million/ tonne.

Steel prices have fallen by VND 500,000-600,000/tonne compared to early April. The cost of steel in some areas is even lower than the prices being offered at steel mills. This indicates that some businesses have begun to sell large volumes to make a quick return on their capital.

VOVNews

Tags: Vietnam steel industry, Vietnam steel prices