Construction iron and steel prices increased on the Shanghai Exchange

Steel price for delivery in May 2024 on the Shanghai Exchange increased by 25 yuan to 3,958 yuan/ton.

Iron ore futures rose to multi-month highs on Jan. 2, with sentiment boosted by upbeat economic data in top consumer China and rising expectations of a series of replenishments. pre-holiday replenishment from steelmakers in the coming weeks.

On the Singapore Commodity Exchange (SGX), the price of iron ore delivered in February 2024 increased by 2.18%, to 141.76 USD/ton - the highest level since June 2022.

The May futures DCIOcv1 iron ore contract on China's Dalian Commodity Exchange (DCE) closed 2.93% higher at 1,002 yuan/ton (equivalent to 140.58 USD/ton). tons), highest since August 2021.

Other steelmaking materials on the DCE also rose, with coking coal DJMcv1 and coking coal DCJcv1 up 2.44% and 2.46%, respectively.

Benchmark steel prices on the Shanghai Futures Exchange recorded an increase. Accordingly, rebar SRBcv1 increased by 1.23%, hot rolled steel coil SHHCcv1 increased by 0.88%, steel bar SWRCcv1 increased by 4.06% while stainless steel SHSScv1 was less volatile.

Expectations for more stimulus in 2024 increased after Chinese President Xi Jinping said that China would consolidate and enhance the positive economic recovery trend this year.

Supporting prices of key steelmaking raw materials also raises expectations of mills returning to the market to replenish raw materials to meet production demand during the Lunar New Year holiday, analysts said. in February.

Domestic iron and steel prices continue to stabilize

VSA representative said that the domestic economy has shown signs of improvement in recent months, but for the whole year 2023, steel consumption will decrease by 8.6% compared to 2022 to 20.3 million tons.

In 2024, steel production and consumption can reach 29 million tons and 21.67 million tons, up 6.7% and 7.4% respectively compared to 2023.

The domestic market's consumption capacity is likely to recover slowly in 2024. Export activities depend on the world steel demand situation. The selling price of steel, HRC, galvanized steel, steel pipes, and other input materials such as iron ore, coke, etc. are often very unpredictable, greatly affected by supply and demand in the market.

Steel prices in the North

Hoa steel brand with CB240 steel coil line at 13,940 VND/kg; D10 CB300 rebar steel is priced at 14,240 VND/kg.

Viet Y steel brand, CB240 steel coil line stopped at 13,870 VND/kg; D10 CB300 rebar steel is priced at 14,170 VND/kg.

Viet Duc Steel, with CB240 rolled steel line at 13,640 VND/kg, D10 CB300 rebar steel bar priced at 14,340 VND/kg.

Viet Sing Steel, with CB240 steel coil at 13,650 VND/kg; D10 CB300 rebar steel is priced at 13,850 VND/kg.

VAS steel, with CB240 steel coil line at 13,600 VND/kg; Meanwhile, D10 CB300 rebar steel is priced at 13,850 VND/kg.

Steel prices in the Central region

Hoa Phat Steel, with CB240 steel coil line at 13,940 VND/kg; D10 CB300 rebar steel is priced at 14,340 VND/kg.

Viet Duc Steel, CB240 steel coil line is currently at 14,140 VND/kg; D10 CB300 rebar steel is priced at 14,750 VND/kg.

VAS steel, currently D10 CB300 rebar steel is priced at 14,260 VND/kg; CB240 steel coil line is at 14,010 VND/kg.

Pomina steel, with CB240 steel coil line at 14,890 VND/kg; D10 CB300 rebar steel is priced at 15,300 VND/kg.

Steel prices in the South

Hoa Phat Steel, D10 CB300 rebar steel is priced at 14,250 VND/kg; CB240 steel coil at 13,950 VND/kg.

VAS steel, CB240 steel coil line at 13,600 VND/kg; D10 CB300 rebar steel is priced at 13,850 VND/kg.

Pomina steel, CB240 steel coil line at 14,590 VND/kg; D10 CB300 rebar steel is priced at 14,990 VND/kg.

Anh Thu.