Companies like Hoa Phat, Viet Y, Viet Duc, and Viet Nhat have cur prices by a cumulative VND1.5 million per ton since early April.
The Vietnam Steel Association attributed the lower prices to weak demand.
However, the price reduction has helped boost production and demand in the last two months. Over 812,000 tons of construction steel were produced in May, up 14% from April, while 927,000 tons of the product were sold, up 26%, the highest growth rate since the beginning of this year, according to the association.
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