Viet Duc Steel Group Joint Stock Company (VGS) announced that it has reduced prices on all rebar types by VND 200,000/ton (8 USD), including VAT. This adjustment will be valid for the North and Central Vietnam markets and will come into force from the date of the announcement on July 5, 2024.
Similarly, Hoa Phat - Binh Dinh Company Limited announced that it has reduced its rebar prices by VND 200,000 (USD 8) per tonne, taking into account the fluctuations in steel billet prices and raw material costs. This adjustment will come into force as of July 5, 2024.
These price adjustments are considered a strategic step taken by Viet Duc and Hoa Phat in response to the recent falling steel billet and raw material prices. Companies aim to align product sales prices with input costs.
On the other hand, it is stated that the Vietnamese economy is generally in a good growth process and this has a positive impact especially on the steel market. With private sector incentives and increasing domestic steel consumption demand, the steel industry is expected to show a stronger recovery in the second half of the year.
According to the statement made by Vietnam Steel Corporation (VNSTEEL), a positive impact is expected on the construction industry and therefore on steel demand, with the impact of the government's policies and laws aimed at revitalizing the real estate sector. It is stated that these developments will support steel producers' efforts to improve production and business results.
As a result, it is evaluated that the industry will enter a stable recovery process in the coming period, with the effect of price adjustments and positive economic indicators in the steel market in Vietnam. However, global economic fluctuations and changes in raw material prices stand out as important factors that will determine the future course of the market.
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