In its latest price adjustment, giant steel producer Hoa Phat Group decreased the retail price of reinforcing bar by 0.97% to VND14.24 million ($602.24) per ton.

The company had earlier reduced rolled steel prices by 1.74% to VND14.04 million.

Other steelmakers such as Viet Y, Viet Duc, Kyoei Vietnam and Pomina have also made similar price cuts.

The prices are at their lowest levels since the end of 2020, according to data platform Steel Online.

Deputy CEO of the platfom, Bui Duy Anh, said many countries in the world are trying to fight inflation and delaying new construction, leading to this decline in steel prices.

In Vietnam, steel sellers are seeing a drop in orders though demand is usually high at this time of the year, he added.

Steel sales fell by 17.5% year-on-year to 12.5 million tons in the first half of the year, according to the Vietnam Steel Association.