Construction steel prices plunge to three-year lows

HCMC – In the span of just one week, domestic steel prices have dropped by nearly half a million dong per ton to VND13.5-13.75 million, the lowest levels since 2020. On August 27, Hoa Phat, which dominates 30% of the nation’s construction steel market, listed rebar D10 CB300 at VND13.74 million per ton and rolled steel CB240 at VND13.53 million per ton. The drop in steel prices can be attributed to low domestic demand, which has been caused by the lackluster performance of the real estate sector. The Vietnam Steel Association forecast that construction steel prices will continue to plummet due to the prevailing weak demand. The global steel demand slump has led to an almost 25% decrease in domestic market prices for these products.