Industry News

Vietnam steel price drops in May

Views : 220
Update time : 2022-05-19 20:54:53
Steel prices in Vietnam saw a downward adjustment in May after seven straight rises from the beginning of the year.

Tung Ho Steel Vietnam Corp. Ltd. has lowered its steel bar and coil prices by around 3 percent, or VND500,000 ($21.6) a ton.

Thai Nguyen Iron and Steel Company sold its steel products at VND18.75-19.07 million a ton, down 2-3 percent.

On average, Vietnam steel prices are hovering at around VND18.5-18.7 million a ton, down 3 percent a ton from April but VND1.5-1.7 million higher than the middle of last year.

Insiders attributed the drop to lower input costs, with iron ore prices at China’s Tianjin Port falling 11.5 percent to $139 million a ton.

Vietnam’s steel industry has satisfied domestic demand, producing 11.4 million tons of finished steel products on consumption of 10.6 million tons in the first four months this year, according to data from Vietnam Steel Association.

But prices are still heavily dependent on global material prices as local supply only meets 30 percent of production demand, it added.

Costs of public investment projects will surge 20-30 percent this year, driven by higher construction material prices, VNDirect Securities forecasts.

Steel accounts for 30 percent of construction costs, therefore, lowering its price would lessen the burden on developers and shorten construction time.

Related News
Read More >>
China's primary aluminum imports decline, exports surge in May China's primary aluminum imports decline, exports surge in May
Jun .26.2025
China's primary aluminum imports decline, exports surge in May
Taiwan's Yusco expects environmental issues to drive stainless steel demand Taiwan's Yusco expects environmental issues to drive stainless steel demand
Jun .26.2025
Taiwan's Yusco expects environmental issues to drive stainless steel demand
LME nickel returns to $15,000 level on expected Fed interest rate cut LME nickel returns to $15,000 level on expected Fed interest rate cut
Jun .26.2025
LME nickel returns to $15,000 level on expected Fed interest rate cut
Fujian Tsingtuo Special Steel achieves global first in stainless plate manufacturing with three-hot integration mode Fujian Tsingtuo Special Steel achieves global first in stainless plate manufacturing with three-hot integration mode
Jun .26.2025
Fujian Tsingtuo Special Steel achieves global first in stainless plate manufacturing with three-hot integration mode