Construction iron and steel prices today December 29, 2023: Weakening

VOH - Steel price on December 29 on the Shanghai Exchange decreased by 35 yuan/ton. Iron ore futures prices on the Dalian Commodity Exchange decreased due to production activities in China.

Construction iron and steel prices decreased 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).

Iron ore futures on the Dalian Commodity Exchange (DCE) fell as market participants braced for a further decline in production activity in China.

DCIOcv1 iron ore May futures on the DCE Exchange closed at a price 1.3% lower at 976 yuan/ton (137.48 USD/ton).

 

On the Singapore Exchange (SGX), the price of benchmark iron ore SZZFF4 for January delivery decreased 1.8% to 141.24 USD/ton, ending a streak of 5 consecutive days of increases.

China's manufacturing activity likely fell for a third straight month in December, due to weak demand for manufactured goods, an outcome that will encourage calls for more policy support.

China's 14th Five-Year Plan was announced by the National Assembly on December 27. The country will strive to expand domestic demand, ensure rapid economic recovery and promote stable growth.

 

China will strengthen market-oriented reforms to promote development.

The Chinese yuan rose against the weakening US dollar on December 28 after the USD index fell late on December 27 to a five-month low.

A stronger yuan makes assets priced in the currency more expensive for buyers who currently hold other currencies.

Analysts expect iron ore demand to increase in the coming weeks as Chinese steelmakers replenish raw materials to maintain production demand during the Lunar New Year holiday.

 

Domestic iron and steel prices

Domestic steel prices on December 29 were stable in the domestic market with two main products: CB240 steel coil and D10 CB300 steel.

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. 

Construction steel production reached 936,860 tons, up 4% over the previous month and up 37% over 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. 

Steel prices in the North

Hoa Phat steel brand increased by 200 VND, with CB240 steel coil line increasing to 13,940 VND/kg; D10 CB300 rebar steel is priced at 14,240 VND/kg.

Viet Y steel brand, CB240 steel coil line increased by 290 VND, to 13,870 VND/kg; D10 CB300 rebar steel is priced at 14,170 VND/kg - an increase of 180 VND.

 

Viet Duc Steel, with CB240 steel coil line at 13,640 VND/kg, D10 CB300 rebar steel bar increased by 200 VND priced at 14,340 VND/kg.

Viet Sing Steel, with CB240 steel coil increased by 50 VND to 13,650 VND/kg; D10 CB300 rebar steel is priced at 13,850 VND/kg.

VAS steel increased by 200 VND, 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 the CB240 steel coil line, increased by 150 VND to 13,940 VND/kg; D10 CB300 rebar steel increased by 350 VND, currently priced at 14,340 VND/kg.

Viet Duc Steel, currently CB240 steel coil line increased by 400 VND to 14,140 VND/kg; D10 CB300 rebar steel is priced at 14,750 VND/kg - an increase of 260 VND.

VAS steel, currently D10 CB300 rebar steel is priced at 14,260 VND/kg - an increase of 200 VND; CB240 steel coil line is at 14,010 VND/kg - an increase of 210 VND.

Pomina steel, with CB240 steel coil line at 14,890 VND/kg - an increase of 200 VND; D10 CB300 rebar steel is priced at 15,300 VND/kg - an increase of 360 VND.

Steel prices in the South

Hoa Phat Steel, D10 CB300 rebar steel is priced at 14,250 VND/kg - an increase of 160 VND; CB240 steel coil increased by 160 VND, to 13,950 VND/kg.

VAS steel, CB240 steel coil line increased by 150 VND to 13,600 VND/kg; D10 CB300 rebar steel is priced at 13,850 VND/kg - an increase of 200 VND.

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

Anh Thư