Steel prices drop after upward streak

Leading steel manufacturer Hoa Phat Group has accordingly lowered its rebar steel price by 0.63% to VND15.89 million ($677.55) per ton.

It also brought the price of wire rod steel price down 1.88% to VND15.66 million per ton.

Viet Y Steel lowered its product prices by the same rate to VND15.86 million for rebar steel and 15.61 million for wire rod steel.

The decline now has steel prices down from their seven-month peak recorded at the end of March. Prices had been rising since last year.