- Domestic construction steel:

For the third time in March 2024, steel mills continued to announce steel price reductions, applying a discount of 100 VND/kg for rebar products at Hoa Phat, Tung Ho, Viet My VAS, and Viet Duc steel mills.

- Construction steel for export:

The rapid decrease in bid prices in Southeast Asia has caused Vietnam's offers to decrease rapidly, despite the rising prices in the Chinese market.

- Steel pipe box:

The number of factories adjusting prices this week increased after the participation of big companies like Hoa Sen. The pressure to adjust prices also increased despite continuously proactively reducing prices in the past.

- Imported scrap market:

The basic factors in the imported scrap market have not changed, with a downward trend occurring in many markets, including Vietnam. Offers from Japan, the US, and Hong Kong all decreased this week.

- Domestic scrap market:

A series of factories continued to adjust downwards this week, some factories even reduced it twice. Traders' prices therefore decreased more this week.

- Import and export steel billet market:

Billet prices in Southeast Asia dropped quite quickly at the beginning of this week, and demand was also weak. Notably, the recovery of the Chinese market has eased the bearish sentiment, but it is still difficult to push asking prices back up.

- Domestic steel billet market:

The downtrend of the embryo market continues this week. Although it only decreased once a week, the price has hit a fairly low level over the past 4 months.

- Imported HRC market:

HRC import prices to Vietnam gradually increased again, but the speed was quite slow despite the rapid increase in futures prices. The main reason is still weak domestic demand.

- Domestic HRC market:

The focus of the market is Formosa Ha Tinh offering additional discounts with HRC after announcing prices last week. This news combined with weak downstream makes sellers unable to push up HRC prices even though term prices and imports increase.

- Corrugated iron market:

Two major manufacturers, Hoa Sen and Dong A, sharply reduced steel prices at the weekend. Although there have not been more houses adjusting prices, market sentiment is quite weak. Traders continued to adjust down 0.9%.

Vietnam's steel market continues to show weakness as factories continue to adjust downwards for many products. The main factor causing price decline is still weak demand, the factory's construction steel sales output clearly reflects this. However, the price decline this week has been slower thanks to the strong recovery of the Chinese market.