A lot of steel mills: Hoa Phat, Tung Ho, VAS,... announced an increase in construction steel prices today 19/12/2023. Especifically, Hoa Phat announced to increase the price of wire rod by 150 VND/kg and of rebar by 100 VND/kg. The CB240 wire rod is currently priced at 14,260 million VND per ton. The D10 CB300 rebar price is higher at 14,300 million VND per ton. Other steel mills such as Viet Y, Viet Duc, Kyoei... also applied the same increase as Hoa Phat. It is forecasted that the domestic steel market may continue to increase with a slight margin.

Therefore, construction steel prices have increased continuously over the past month with a cumulative increase of more than 500 - 700 VND/kg. The price adjustment started at the end of November when steel mills added 150 VND/kg. That was the first time steel prices increased after nearly three months of standing still. However, the price level of construction steel is only at the level of July this year and approaching August 2022, which is still in the low price range of the last three years.

Although residential real estate projects are still stagnant, people's habit of building and repairing houses helps the construction industry gradually warm up. In addition, public works are also being urgently deployed to be completed before the New Year 2024.

Hoa Phat (HPG) said that the construction steel market increased due to the start of the construction season and partly came from solutions to promote disbursement of public investment capital. This led to consumption in all three regions of the brand recording growth. Of which, the highest increase was in the southern region, up 47% compared to the previous month. In November, sales volume of wire rod products (HRC), construction steel, high quality steel, and billet reached 709,000 tons, up 12% compared to October. Particularly, construction steel and high quality steel increased by 21% with 410,000 tons.

Data from the Vietnam Steel Association (VSA) also shows that the market is warming up. Construction steel production in November increased 4.29% over the previous month and increased 37.2% over the same period last year. Construction steel sales in November reached more than 1.1 million tons, up 28.73% month over month and up 28.1% year over year 2022. This is the third consecutive month that steel consumption across the market has improved.