First day of July, steel mills announced a price reduction for wire rod, down from 100 - 200 VND/kg depending on the steel mills. This is the second adjustment by the steel mills for wire rod since mid-June 2024. Specifically:

- Hoa Phat: Reduced 100 VND/kg for wire rod in the Central and Southern regions.

- Other steel mills such as Viet Duc, Viet Uc, Viet My VAS, ... also reduced prices by 100 VND/kg for steel wire rod. Although the pressure from weak demand is getting bigger, the steel mills still adjusted for wire rod only, the price of rebar continued to move sideways. This shows that the steel mills are still quite cautious in the face of conflicting developments. Scrap and billet steel prices showed signs of increasing at the end of last week in the context of scrap shortage, but were temporarily stable at the beginning of this week and the possibility of further increases is still a question mark.

In fact, the inventory pressure of traders is currently quite high, so it is difficult for traders to maintain prices. Moreover, steel mills still apply price guarantee policies for construction steels, the market still believes that prices can still decrease further next week.