VnExpress reported that the price of construction steel in Vietnam has dropped to below VND 17 million per tonne (USD 732). The Viet Duc Steel Company said it has lowered prices of steel bars and coils by VND 300,000 per tonne from July 1, while the Thai Nguyen Iron & Steel Joint Stock Corporation reduced the prices of steel coils by VND 300,000 to around VND16.7 million per tonne. The decline in prices of construction steel in the Vietnamese market over the past few weeks has been attributed to lower prices of steel billets in the world market. However, many construction contractors said the prices of domestic steel products were still high, cutting deep into their profit, leaving them with smaller profits. Steel costs account for 10-30% of a construction project.