Construction steel price soars threefold in one month

The price of construction steel has climbed threefold in only one month, by between $42.64 and $60 a tonne. The price per tonne of Vina Kyoei Steel jumped to approximately $30. Currently, a tonne of the firm's D10 CB300 and CB240 steel costs as much as $664.

Hoa Phat Steel also increased the price per tonne of CB240 coil by $22. Currently, the selling price of this steel brand's CB240 coil and D10 CB300 rebar in the northern regions is between $660 and $662 per tonne.

Numerous analysts said that the rise in steel prices was attributable to the influence of raw material costs and not market demand. A spokesperson for the Vietnam Steel Association (VSA) said that the price of steel increased when the price of coke rose to $282.50 per tonne, an increase of $52 per tonne compared to December 2022.

Suppliers and agents said that steel prices are expected to continue to rise in light of the fact that global prices are continuing to rise for key manufacturing resources, such as iron ore, with no indication of a slowdown.