(GLO)- According to information from the Industry and Trade Newspaper and the electronic newspaper vietnamnet.vn, domestic steel prices on May 23 decreased from VND160,000 to VND210,000 per ton compared to last week. This is the 6th consecutive decrease since April 8.
Specifically, Viet Duc steel brand reduced 150,000 VND/ton for D10 CB300 ribbed steel bar line, down to 15 million VND/ton.
With a reduction of VND 200,000/ton, the D10 CB300 steel line of Hoa Phat and Viet Y brands has a selling price of VND 14.95 million/ton and VND 15 million/ton, respectively.
After announcing a reduction of 210,000 VND/ton, the D10 CB300 steel line of this brand is currently at 15.22 million VND/ton.
In the international market, the steel price on May 23 for October 2023 delivery on the Shanghai Stock Exchange decreased by 38 yuan to 3,617 yuan/ton; the January 2024 delivery decreased by 24 yuan to 3,571 yuan/ton.
According to the Vietnam Steel Association (VSA), the reason for the recent continuous decline in domestic steel prices is that domestic steel consumption demand has decreased sharply, forcing manufacturing enterprises to lower selling prices to quickly push inventory.
Also according to VSA, our country's finished steel production in the first quarter of 2023 reached more than 6.6 million tons (down 20.9% compared to the same period in 2022); finished steel sales reached more than 6 million tons (down 25.4% compared to the same period in 2022). Meanwhile, steel exports reached more than 1.65 million tons (down 8.9% compared to the same period in 2022).
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