Construction Steel Prices Drop 10 per cent

Some steelmakers in Vietnam have slashed construction steel prices by between VND2 million and VND3 million per ton, or some 10 per cent to VND18.5 million/ton, the Nguoi Lao Dong Online reported.

 

Meanwhile, steel prices in Ho Chi Minh City have reduced by VND1 million/ton. For examples, Ø6 & Ø8 rolled steel is offered at VND21,000/kg (down VND1,000/kg), Ø10 steel bar VND153,000/unit (down VND7,000/bar), Ø12 VND218,000/bar (down VND6,000/unit), Ø14 VND294.000/bar (down VND6,000/unit), Ø16 VND383.000/bar (down VND9,000/unit), and Ø18 VND486.000/bar (down VND8,000/bar).

 

According to steel producers, the reduction is attributed to sharp fall in steel ingot prices on the world market to US$960-US$970/ton, reducing by US$130/ton on-month.

 

In addition, now is the rainy season that is not favorable for construction activities.

 

The real estate market is frozen because the government of Vietnam is tightening the monetary policy by reducing the credit growth to below 30 per cent this year, cut government expenditures and investments to curb inflation. (Laborer Online)