Hoa Phat Group, a major long steel producer in Vietnam, kept its domestic rebar and wire rod prices unchanged Aug. 26 after reducing prices for four consecutive months, market sources said.

          The mill continued to reduce domestic prices since May due to the weak demand as the country's government cooled down the property market investment amid the traditional rainy season.

          The listed price for standard CB400-V/CB500-V rebar of 12-25 mm diameter was 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 was Dong 14,100/kg ($602/mt), from Aug. 26, the sources said.

          With the rising raw material prices such as scrap, some electrical arc furnace mills were currently facing low margins and would likely lose if the domestic steel prices dropped further. Although the domestic rebar and wire rod steel demand have yet to see a significant increase, the mills in Vietnam were trying to stabilize the domestic market prices.