Domestic steel businesses again cut their construction steel prices on May 25, by between VND200 and VND510 per kilo to between VND14,360 ($0.60) and VND15,500 ($0.65), depending on the brand and type.

Businesses said the reduction stems from a fall in global steel prices and input materials and low demand.

They produced over 8.8 million tons of steel in the first four months of the year, down 22.4 per cent year-on-year, according to the Vietnam Steel Association (VSA).

Figures from the VSA show that steel consumption was estimated at 8.1 million tons in the period, a year-on-year decline of 23.1 per cent.

Deputy Director General of the Vietnam Steel Corporation Pham Cong Thao said steel production in early 2023 has met many difficulties due to lower demand, particularly in the field of real estate.

Unstable prices around the world have also affected the domestic market, he said.