Steel futures prices increased slightly.
Steel prices in the North
According to SteelOnline.vn, Hoa Phat steel brand kept the selling price unchanged, 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.
Steel price on the trading floor
The price of rebar for delivery in May 2024 on the Shanghai trading floor increased by 2 Yuan, to 3,930 Yuan/ton.
Benchmark steel prices on the Shanghai futures exchange rose amid higher raw material prices while lackluster buying demand from traders limited gains.
Rebar increased by 0.26%, hot rolled steel coil increased by 0.35%, wire steel increased by 0.17% and stainless steel increased by 0.66%.
Iron ore futures recovered, supported by persistently low inventories and expectations of a winter buying spree, although demand weakness due to increased equipment maintenance among mills has limit growth.
The most traded iron ore in May on China's Dalian Commodity Exchange (DCE) rose 1.35% to 938 yuan ($131.49)/ton. Benchmark iron ore price in January on the Singapore exchange increased 1.31% to 134.05 USD/ton.
Analysts at Sinosteel said prices for front-month contracts were supported as settlement of January shipments approached while traders faced limits on trading volumes. Iron ore futures prices moved sideways due to mixed signals from China
The state-backed exchange sets a daily trading volume limit for iron ore futures contracts at no more than 500 lots for contracts for delivery from January to May 2024.
The rebound in ore prices comes despite some cities in northern China initiating another round of responses amid forecasts of heavy pollution, which often requires local mills to curb production.
However, persistently falling demand is expected to act as a drag on prices of the key steelmaking raw material, analysts said.
“We expect hot metal output to decline further next week as more mills begin furnace maintenance amid shrinking margins,” analysts at Galaxy Futures said in a note. . Other steelmaking raw materials also increased in price, with coke and coke on DCE increasing by 1.01% and 0.24%, respectively.
“Several steel mills have announced policies and prices for winter restocking, with higher-than-expected prices limiting traders' buying demand,” Galaxy analysts added. .
Thanh Luan.
