The Ministry of Industry and Trade has announced a drastic fall in the price of domestic steel, even though this is peak construction season in the country and the Southeast Asian markets have reported a hike in steel prices.
Although steel price increased by US$10 per ton in the Southeast Asian markets, domestic steel has fallen to VND900,000 per ton.
Steel at factory rates is from VND15.7 to VND16.2 million per ton in the North, excluding VAT, and from VND15.3 to VND17.1 million per ton in the South.
Agents continue to down the prices from VND300,000 to VND1.2 million a ton, but the consumption is still too low. The reason for this is the current economic downturn and lesser construction activities than before.
