According to the latest changes, the price of Vietnamese construction steel dropped to below VND17 million per tonne, although contractors said this still remained high.

Furthermore, the factory price is hovering between VND16.300 per kg and VND17,000 per kg, depending on the various types, whilst steel prices are anticipated to see a decline moving forward.

The Vietnam Steel Association recommends that local manufacturers try to limit exports, prioritising the materials of raw steel and hot rolled coil steel for the domestic market in an attempt to lower steel prices.

According to a recent report by Fitch Solutions, steel demand will remain stable throughout the year, whilst the steel production industry will expand in scale. As a result, steel prices will endure a steep fall ahead in 2022.

Currently, the global average price of steel stands at US$883 per tonne, an increase of US$301 per tonne against the previous year.

Source: VOV

Ministry denies proposing price stabilisation fund for steel

The Ministry of Industry and Trade (MoIT) has denied rumours that it proposed the establishment of a State stabilisation fund to cope with the sudden increase in steel prices that has impacted many businesses.