Home/News/News & Events/Construction iron and steel prices today January 1: Chinese steel continues to decline on the first day of the new year
Construction iron and steel prices today January 1: Chinese steel continues to decline on the first day of the new year
Monday, 01/01/2024 GMT+7
Construction iron and steel prices today January 1: Chinese steel continues to decline on the first day of the new year.
Today's steel price on the Shanghai Exchange decreased by 35 yuan/ton. Dalian iron ore futures increased 55% in 2023 thanks to China's stimulus measures.
Construction iron and steel prices today on the Shanghai Exchange
Steel price for delivery in May 2024 on the Shanghai Exchange decreased by 35 yuan to 3,916 yuan/ton at the time of the survey at 9:45 a.m. on December 29 (Vietnam time).
Source: Trading Economics.
Iron ore futures on the Dalian Commodity Exchange ended 2023 up 55.1%, thanks to China's stimulus measures, while the contract rose late last week, ending a two-month streak. Discount day.
May iron ore futures on China's DCE Exchange closed 0.3% higher at 973.5 yuan (137.31 USD)/ton.
The contract marked its fifth straight monthly gain, posting a monthly gain of 6.9%.
On the Singapore Exchange (SGX), the benchmark SZZFG4 iron ore price for February delivery increased 1.3% to 137.24 USD/ton.
During the month, this contract recorded an increase of 7.4%, also marking the 5th consecutive month of increase. The benchmark contract ended the year with a gain of 26.4%.
This year, iron ore prices defied market expectations, underpinned by stimulus in top consumer China.
Mr. Pei Hao, Analyst at Shanghai-based international brokerage firm FIS, said: “The overall iron ore price trend this year is quite clear – prices in the second half of the year are higher than in the second half. the begin of the year".
Mr Hao added: “Unusually high demand in the second half of the year provided solid support for prices; A series of supportive policies in the real estate market, along with expectations of further economic stimulus in the top decision-making meetings in December also act as tailwinds.”
A Reuters poll on December 28 showed that China's manufacturing activity may decline for the third straight month, due to weak demand for manufactured goods.
Construction steel price today in the domestic market
Construction steel prices on January 1 were stable in the domestic market with two main products: CB240 steel coils and D10 CB300 steel, according to SteelOnline.vn .
In Vietnam, in November, finished steel production reached nearly 2.45 million tons, up 3% compared to October and up 34% over the same period in 2022. Steel sales of all kinds reached 2.5 million tons, up 13% over the previous month and up 30% over the same period in 2022.
Of which, construction steel production reached 936,860 tons, up 4% compared to the previous month and up 37% compared to November 2022. Sales reached 1.1 million tons, up 29% over the previous month and up 28% over the same period in 2022. Of which, construction steel exports reached 145,328 tons, up 49% over November 2022.
After about 3 months of moving sideways, construction steel prices of businesses have simultaneously increased again. In just the last 10 days of November, construction steel prices had two consecutive increases, currently fluctuating between 13.6 and 15 million VND/ton.
VCBS believes that the profit margin of construction steel manufacturing enterprises has decreased sharply and has a slow recovery momentum because domestic selling prices are under pressure to continuously decrease in the context of weak and competitive domestic construction demand. large from imported Chinese steel at lower prices.
