On August 17, a number of steel producers lowered their prices by 100,000 VND/ton for CB240 coil products, down to 13.5-14.04 million VND/ton, while maintaining the same selling price for D10 rebar. CB300.

According to data from Steelonline, Hoa Phat steel company simultaneously lowered VND 100,000/ton for CB240 coil line in all three regions of North, Central and South to 13.94 million VND/ton, respectively; 13.74 million VND/ton and 14.04 million VND/ton. The price of rebar D10 CB300 remained unchanged compared to the previous adjustment period, at 13.89 – 14.04 million VND/ton.

Similarly, Vietnam Italy and Viet Duc steel brands also decreased by 100,000 VND/ton with CB240 coil line to 13.64 million VND/ton and 13.74 million VND/ton, respectively.

With a decrease of 100,000 VND/ton, the price of CB240 steel coil of Kyoei Vietnam (KSVC) is at 13.66 million VND/ton. D10 CB300 steel remained unchanged at 13.81 million VND/ton.

Thai Nguyen Steel also dropped 110,000 VND/ton with CB240 coil to 13.97 million VND/ton, while rebar is being sold at 14.08 million VND/ton.

In this adjustment, Viet Sing steel lowered 100,000 dong for CB240 coil to 13.5 million dong/ton and kept the price unchanged for D10 CB300 rebar at 13.7 million dong/ton.

VAS steel, American steel, Tuyen Quang and Tung Ho steel also all reduced by 100,000 VND/ton of CB240 steel.

Meanwhile, brands such as Southern steel, VJS steel, Pomina, Vina Kyoei have not made any move to adjust their selling prices.

According to data of the Vietnam Steel Association (VSA), finished steel production in July reached 2.4 million tons, up 19% compared to June and up 7% over the same period in 2022.

Steel sales of all kinds in this month reached nearly 2.2 million tons, up slightly from the previous month and up 9% over the same period in 2022. In which, steel exports in July reached more than 703,000 tons, up nearly 40 % over the same period in 2022.

Accumulated in the first 7 months of the year, finished steel production decreased by 18% compared to the same period in 2022. Sales of steel of all kinds decreased by 14% compared to 7 months of 2022, of which exports increased by 10.5%.

After a difficult period in the second half of 2022, the business results of some steel enterprises are gradually recovering. However, the steel industry is forecasted not to end the difficulties due to the gloom of the real estate market.

The pressure can ease in the last months of the year when projects rush to complete the schedule. Public investment projects and social housing, especially transportation infrastructure projects… will contribute to solving a part of the consumption problem for domestic enterprises. At the same time, some blast furnaces are temporarily closed for maintenance, which will also limit supply. Under those conditions, iron and steel prices are likely to regain some recovery momentum