Since the Lunar New Year holiday, domestic steel billet prices have plummeted by over 1.1 million VND/ton ($44), a rate faster than the decline seen in the global steel billet market.
On March 14th, the price of steel billets imported to Southeast Asia dropped by $20/ton compared to the beginning of February, reaching $527/ton CFR level, which is approximately 495,000 VND/ton.
According to a survey conducted over the weekend before March 15th, the factory gate price for billets currently ranges from 11.9 to 12.1 million VND/ton ($481-489) depending on the region. These prices are exclusive of VAT, based on immediate payment, and delivery to the buyer's warehouse.
In line with the decrease in domestic steel billet prices, domestic scrap prices are also experiencing a sharper decline compared to global prices. Announcements of discounts in waste purchase prices from factories have increased after the Lunar New Year holiday. Since the beginning of March, many factories have announced adjustments in scrap purchase prices, offering discounts of up to 3-4 times.
In the second week of March 2024, domestic scrap prices continue to decline, ranging from 100,000 to 200,000 VND/ton ($4-8). Last week, scrap prices generally witnessed a decrease ranging from 400,000 to 700,000 VND/ton ($16-28) depending on the region.
As of March 15th, the price of high-quality scrap steel in the Northern region ranges from 9.2 to 9.35 million VND/ton ($372-378), while in the Southern region, it ranges from 8.6 to 8.9 million VND/ton ($347-359).
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