Domestic steel businesses have continued to cut their construction steel prices, by between VND50 and VND450 per kilo to between VND14,720 ($0.62) and VND15,660 ($0.66), depending on the brand and type.

This is the fourth price reduction within almost a month.

The Vietnam Steel Association said global demand for steel is still declining, particularly in the Americas, the EU, and China. There were also no signs of inflation being kept under control, and lower domestic consumption demand has forced businesses to cut their prices.

Input material prices are also falling, the Association said.

It has been forecast that the difficulties in the market will continue until the end of the year.