Hoa Phat Group, a major long steel producer in Vietnam, has reduced its domestic rebar and wire rod prices for a 17th consecutive week, cutting prices by Dong 300/kg ($13/mt) and Dong 200/kg ($9/mt) respectively from the week before, market sources said Aug. 22.
The listed price for standard CB400-V/CB500-V rebar of 12-25 mm diameter has been reduced to Dong 14,500/kg ($619/mt) ex-works actual weight excluding VAT, and the listed price of CB240-T wire rod used in the construction industry reduced to Dong 14,100/kg ($602/mt), from Aug. 15, the sources said.
With high raw material costs of coking coal and scrap, the mill continued to narrow down the production margin by cutting the steel prices and stimulating physical trading activities in the domestic market.
There were no new export offers received from the market, with the latest one at $610/mt FOB Vietnam actual weight for rebar and the same price for low carbon wire rod.